Dive Temporary:
- A few 12 months and a half after rising from chapter with new house owners, Revlon has named former CVS Well being government Michelle Peluso its new chief government officer, efficient Nov. 4. She succeeds interim CEO Liz Smith, who will proceed in her board government chair position, per a information launch.
- Peluso was chief buyer and expertise officer at CVS Well being, the place she oversaw the end-to-end client expertise throughout all channels. Previous to CVS, Peluso held the chief advertising and marketing officer position at IBM and Citi, in addition to the CEO place for each Gilt and Travelocity.
- With Peluso’s appointment, the sweetness large has discovered a everlasting CEO after longtime Revlon veteran Debra Perelman stepped down from the submit in August 2023.
Dive Perception:
Revlon emerged as a non-public firm in Might of final 12 months after submitting for chapter in 2022. Its reorganization allowed the corporate to shed $2.7 billion of debt in trade for a gaggle of its lenders taking management.
Smith mentioned Peluso will “lead Revlon’s subsequent section of progress.”
“It’s an honor to steer Revlon and its assortment of highly effective manufacturers at this essential time within the firm’s historical past,” Peluso mentioned in an announcement. “I stay up for working with the complete Revlon crew — in addition to our retailer, provider and distribution companions — to additional unlock the expansion potential of our manufacturers and meet the second for the subsequent era of magnificence and wellness lovers.”
When Revlon filed for chapter in June 2022, it was swimming in debt of $3 billion and experiencing main challenges with provide chain and inflation. Its issues have been exacerbated by the pandemic, with gross sales dropping by over $500 million in 2020.
Following its chapter submitting, Revlon started beefing up its government crew, together with naming a brand new CFO and chief technique and transformation officer. In Might of final 12 months, the corporate shaped a new board of administrators that included executives from Bloomin’ Manufacturers, Sephora, Walgreens Boots Alliance, Starbucks and Hole Inc.
Including Peluso to the combo brings a way of permanence after Smith held the interim CEO position for over a 12 months.
“With a transparent strategic course set for the corporate, robust progress on our transformation, a deeply proficient management crew in place and thrilling alternatives in entrance of us, now’s the appropriate time for this transition,” Smith mentioned in an announcement.