Industry Veteran with Over 20 Years' Experience Working with Revlon
Has Been Leading Digital Transition as Board Member and COO
NEW YORK--(BUSINESS WIRE)--
Revlon Consumer Products LLC (NYSE:REV) today announced that its Board of Directors has
named Chief Operating Officer and Board member Debra G. Perelman
President and Chief Executive Officer, effective immediately. Ms.
Perelman will be the company's first female CEO.
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Over her extensive career working with Revlon, Ms. Perelman has served
in operational and leadership roles across all facets of the business,
including finance, distribution and sales operations, international and
marketing. As both an executive and a Board member, as well as a member
of the senior leadership team at MacAndrews & Forbes Incorporated, she
has been overseeing corporate strategy and leading Revlon's ongoing
digital transformation, including forming a data and analytics group and
establishing infrastructure and deploying resources necessary to create
a leading-edge e-commerce business. Ms. Perelman has a track record for
innovation and has launched a new partnership with the MIT Media Lab to
explore new ways to disrupt the industry.
"Revlon has been a central part of my personal and professional life for
more than 20 years. I love Revlon not only as a company, but as a
culture of employees and executives who are committed to delivering
women and men the best products in our industry. Beauty has emerged as
one of today's most dynamic and fastest-growing industries and I look
forward to working with Revlon's world-class team to amplify our
strategy and accelerate growth. I am committed to driving the company to
compete and thrive in today's dynamic environment and encouraging our
talented team's entrepreneurial spirit, agility and bold creativity,"
said Ms. Perelman.
In her role as President and CEO, Ms. Perelman will be focused on
enhancing Revlon's consumer and customer focused approach, where
personalization, inclusion, usability and passion for beauty are the
cornerstones. She will be responsible for driving Revlon's efforts to
further innovate through technology, enhance its iconic brand portfolio
and invest in e-commerce as a growth driver. Ms. Perelman is known for
her collaborative approach, and has been instrumental in helping
assemble Revlon's world-class leadership team, many of whom joined
recently to take part in the Company's transformation.
Commenting on the appointment, Ronald O. Perelman, Chairman of the
Revlon Board of Directors said, "Revlon is a brand of firsts - the first
to match lips and finger tips, the first to be inclusive, the first to
develop color stay technology and the first brand to embody women
empowerment in the beauty industry. Debbie's global perspective,
financial acumen and holistic approach to brands, consumers and
technology will help Revlon reclaim its leadership position. I have
always trusted Debbie to bring fresh vision, innovation and success to
companies, and I have no doubt she will do the same for Revlon. Debbie's
extensive experience at both MacAndrews & Forbes and Revlon, as well as
her track record for innovation and breaking paradigms to compete in
today's digital and consumer-first environment, make her the ideal
leader for Revlon. She is thoughtful, team-oriented and decisive, and I
can think of no better way to express MacAndrews & Forbes' support of
Revlon and belief in its future than by appointing Debbie to lead the
company." Mr. Perelman purchased Revlon in 1985.
Paul Meister, who has been overseeing the day-to-day operations of the
Company on an interim basis, will continue in his role as Executive Vice
Chairman of the Revlon Board of Directors.
Ms. Perelman, 44, is the daughter of Revlon Board Chairman Ronald O.
Perelman and has spent more than 20 years at Revlon and MacAndrews &
Forbes, a company that acquires and manages a diversified portfolio of
public and private companies. She most recently served as Executive Vice
President, Strategy and New Business Development at MacAndrews & Forbes,
where she focused on new technology investment opportunities, strategy
and portfolio management. During her tenure with MacAndrews & Forbes,
she worked on deals to acquire Deluxe Entertainment, Clarke American,
the John H. Harland Company and Valassis Communications. Ms. Perelman
holds a Masters of Business Administration degree in finance and
accounting from Columbia Business School and a Bachelor of Arts degree
cum laude from Princeton University. She is Co-Founder and Vice Chairman
of the Child Mind Institute, serves as a member of the Board of the
Children's Hospital of Philadelphia and is a member of the President's
Advisory Council at Princeton University.
ABOUT REVLON
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, heritage and celebrity fragrances. Today, Revlon's diversified
portfolio of brands is sold in approximately 150 countries around the
world in most retail distribution channels, including mass, salon and
prestige and online direct to consumer. 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
care, hair color and fragrances under brands such as Revlon, Elizabeth
Arden, Revlon ColorSilk, Revlon Professional, American Crew, Almay,
Cutex, Elizabeth Taylor, Christina Aguilera, Britney Spears, Juicy
Couture, Curve and John Varvatos. Please visit http://www.revlon.com
for the latest news and information about Revlon and its brands.
Forward Looking Statements
Statements made in this press release, which are not historical facts,
including statements about the Company's plans, strategies, focus,
beliefs and expectations, are forward-looking. Forward-looking
statements speak only as of the date they are made and, except for the
Company's ongoing obligations under the U.S. federal securities laws,
the Company undertakes no obligation to publicly update any
forward-looking statement, whether to reflect actual results of
operations; changes in financial condition; changes in general U.S. or
international economic, industry or cosmetics category conditions;
changes in estimates, expectations or assumptions; or other
circumstances, conditions, developments or events arising after the
issuance of this press release. Such forward-looking statements include,
without limitation, the following: (i) the Company's plans to amplify
its strategy and accelerate growth, as well as drive the company to
compete and thrive in today's dynamic environment; (ii) the Company's
plans to further innovate through technology, enhance its iconic brand
portfolio and invest in e-commerce as a growth driver; (iii) the
Company's belief that Ms. Perelman's global perspective, financial
acumen and holistic approach to brands, consumers and technology will
help Revlon reclaim its leadership position and that she will bring
fresh vision, innovation and success to Revlon; and (iv) the Company's
belief that Ms. Perelman's extensive experience at both MacAndrews &
Forbes and Revlon, as well as her track record for innovation and
breaking paradigms to compete in today's digital and consumer-first
environment, make her the ideal leader for Revlon. Actual results may
differ materially from such forward-looking statements for a number of
reasons, including those set forth in our filings with the SEC,
including, without limitation, our 2017 Annual Report on Form 10-K that
we filed with the SEC in March 2018 and our Quarterly Reports on Form
10-Q and Current Reports on Form 8-K that we have filed or will file
with the SEC during 2018 (which may be viewed on the SEC's website at http://www.sec.gov
or on our website at http://www.revloninc.com),
as well as reasons including: (i) unanticipated circumstances or results
affecting the Company's future financial performance and growth,
including decreased consumer spending in response to weak economic
conditions or weakness in the consumption of beauty care products;
adverse changes in foreign currency exchange rates; decreased sales of
the Company's products as a result of increased competitive activities
by the Company's competitors and/or decreased performance by in-house
and/or third party suppliers; changes in consumer preferences, such as
reduced demand for the Company's products, including new product
launches; changes in consumer purchasing habits, including with respect
to retailer preferences and/or sales channels; higher than expected
advertising, promotional and/or marketing expenses or lower than
expected results from the Company's advertising, promotional, pricing
and/or marketing plans; higher than expected sales returns related to
any reduction of space by the Company's customers or store closures,
product discontinuances or otherwise or decreased sales of the Company's
existing or new products; actions by the Company's customers, such as
inventory management and greater than anticipated space reconfigurations
or reductions in display space and/or product discontinuances or a
greater than expected impact from pricing, marketing, advertising and/or
promotional strategies by the Company's customers; changes in the
competitive environment and actions by the Company's competitors,
including, among other things, business combinations, technological
breakthroughs, implementation of new pricing strategies, new product
offerings, increased advertising, promotional and marketing spending and
advertising, promotional and/or marketing successes by competitors; (ii)
difficulties, delays in or less than expected results from the Company's
efforts to innovate through technology and/or invest in e-commerce as a
growth driver, such as: (a) the Company's inability to address the pace
and impact of consumers choosing to purchase more of their beauty
products through e-commerce and other social media channels, such as its
inability to enhance its e-commerce and social media capabilities and/or
increase its penetration of e-commerce and social media channels; (b)
the Company's inability to drive a successful long-term omni-channel
strategy and significantly increase its e-commerce penetration; (c)
difficulties, delays and/or the Company's inability to (in whole or in
part): (1) develop and implement effective content to enhance its online
retail position; (2) improve its consumer engagement across social media
platforms; and/or (3) transform its technology and data to support
efficient management of its digital infrastructure; and/or (d) the
Company incurring greater than anticipated levels of expenses and/or
debt to facilitate the foregoing objectives, which could result in,
among other things, less than anticipated revenues and/or profitability;
and/or (iii) difficulties, delays in or less than expected results from
the Company's efforts to reclaim its leadership position through
intensive innovation, such as less than effective new product
development, less than expected acceptance of its new products, less
than expected levels of advertising, promotional and/or marketing
support for its new product launches and/or less than expected levels of
execution with its customers. Factors other than those listed above
could also cause the Company's results to differ materially from
expected results. Additionally, the business and financial materials and
any other statement or disclosure on or made available through the
Company's websites or other websites referenced herein shall not be
incorporated by reference into this release.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180523005682/en/
MEDIA:
Sard Verbinnen & Co
Stephanie Pillersdorf /
Columbia Clancy
212-687-8080
Source: Revlon Consumer Products LLC