NEW YORK--(BUSINESS WIRE)--Revlon Group Holdings LLC (“Revlon” or the “Company”) today announced that Elizabeth (Liz) A. Smith has been appointed Interim Chief Executive Officer of the Company, effective immediately. Ms. Smith has served as Executive Chair of the Revlon Board of Directors (the “Board”) since May 2023 and will continue in that role. Ms. Smith previously served as Executive Chairman and Chief Executive Officer of Bloomin’ Brands, Inc., Chair of the Federal Reserve Bank of Atlanta, and President of Avon Products, Inc.
Debra Perelman is stepping down from her role as President and Chief Executive Officer and as a member of the Board, and will serve as an advisor to the Company for a transition period.
Liz Smith said: “This is an exciting time for Revlon, which is well positioned for its next phase of growth with a simplified capital structure and the support of new owners. I am energized by the engagement of our new Board, which is committed to the execution of the Company’s business transformation. Along with the leadership team, I look forward to building an organization-wide culture of innovation and excellence, and to working with our retailer, supplier and distribution partners to reignite the momentum in our iconic brands.”
In May of this year, Revlon emerged from a financial restructuring with approximately $236 million of liquidity, funded through an equity rights offering, a new money senior secured credit facility, and new asset-based loans. Revlon also formed a new Board comprised of accomplished senior executives with significant consumer, retail, and beauty sector experience and operational expertise.
Debra Perelman said: “It has been an honor to lead the talented and dedicated Revlon team over the past five years, and I am grateful to my colleagues for their partnership and support throughout this time. With a successful financial restructuring behind us, I believe now is the right time to pass the torch. Revlon’s simplified capital structure and significantly reduced debt have positioned the Company for long-term growth. I have every confidence in the Company’s future success.”
Ms. Smith continued: “The entire Board of Directors is grateful to Debbie for her many contributions to Revlon as both CEO and a member of the Board for the past five years – especially for her leadership during the COVID-19 pandemic and the financial restructuring process. We look forward to engaging with the Revlon team to capitalize on the many opportunities ahead and to deliver value for all of our stakeholders.”
About Revlon Group Holdings LLC
Revlon Group Holdings LLC (“Revlon”) has developed a long-standing reputation as a color authority and beauty trendsetter in the world of color cosmetics and hair care. Since its breakthrough launch of the first opaque nail enamel in 1932, Revlon has provided consumers with high quality product innovation, performance and sophisticated glamour. In 2016, Revlon acquired the iconic Elizabeth Arden company and its portfolio of brands, including its leading designer and celebrity fragrances. Today, Revlon's diversified portfolio of brands is sold in approximately 100 countries around the world in most retail distribution channels, including prestige, salon, mass, and online. Revlon is among the leading global beauty companies, with some of the world’s most iconic and desired brands and product offerings in color cosmetics, skin care, hair color, hair care and fragrances under brands such as Revlon, Revlon Professional, Elizabeth Arden, Almay, Mitchum, CND, American Crew, Creme of Nature, Cutex, Juicy Couture, Elizabeth Taylor, Britney Spears, Curve, John Varvatos and Christina Aguilera.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes, targets or anticipates will or may occur in the future are forward-looking statements. The Company’s actual results may differ materially from those anticipated in these forward-looking statements as a result of certain risks and other factors. The Company therefore cautions readers against relying on these forward-looking statements. All forward-looking statements attributable to the Company or persons acting on the Company’s behalf are expressly qualified in their entirety by the foregoing cautionary statements. All such statements speak only as of the date made, and, except as required by law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.