The cosmetics company, which emerged from Chapter 11 bankruptcy in May, appointed Elizabeth A. Smith as its interim chief executive. Smith will retain her previous position as executive chair of Revlon’s board of directors.
Smith will succeed Debra Perelman, who is stepping down from her role as president and chief executive officer. Perelman, the daughter of MacAndrews & Forbes chairman and CEO Ron Perelman, was appointed CEO in 2018 after first joining the beauty firm in 1998. MacAndrews & Forbes was once Revlon’s largest shareholder. Perelman will stay on to serve as an advisor for a transitional period.
Shortly after Revlon shed more than $2.7 billion in debt earlier this year and obtained $285 million in liquidity, it changed its leadership structure and formed a new board of directors.
Before her appointment, Smith held various c-suite positions — executive chairman and chief executive officer of Bloomin’ Brands, Inc., chair of the Federal Reserve Bank of Atlanta, and president of Avon Products, Inc.
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Revlon Emerges From Bankruptcy After Lender Takeover
Chief executive officer Debra Perelman said in a statement that Revlon is stronger after bankruptcy and well positioned for long-term growth.
