NEW YORK–(BUSINESS WIRE)–In connection with its emergence from bankruptcy, Revlon today announced it has formed a new Board of Directors for the reorganized company comprised of senior executives with deep knowledge of the global consumer, retail, and beauty industries. These leaders each have proven track records of driving operational and financial performance at some of the world’s most recognizable consumer brands, as well as significant corporate governance and management experience, to support Revlon’s business transformation and long-term growth strategy.
Effective upon emergence from Chapter 11, which is expected to occur in the coming days, the new members of reorganized Revlon’s Board will include:
- Elizabeth (Liz) A. Smith, Executive Chair: Former Executive Chairman and Chief Executive Officer of Bloomin’ Brands, Inc., Former Chair of the Federal Reserve Bank of Atlanta, and Former President of Avon Products, Inc.
- Martin Brok: Former Global President and Chief Executive Officer of Sephora, President of Starbucks Europe, Middle East & Africa, and Chief Operating Officer of Nike Direct-to-Consumer
- Timothy McLevish: Former Chief Financial Officer at Walgreens Boots Alliance, Inc., Kraft Foods Group, Inc., and Ingersoll-Rand Corporation
- Hans Melotte: Former President of Starbucks’ Global Channel Development and former Chief Procurement Officer at Johnson & Johnson
- Paul Pressler: Current Chairman of the Board of Directors of eBay Inc., former Chief Executive Officer of Gap, Inc., and former Chairman of Walt Disney Parks and Resorts
Revlon’s President and Chief Executive Officer Debra Perelman will continue in her role and remain on the Board of reorganized Revlon, which will be a private non-SEC reporting company.
“Bringing together this accomplished group of individuals for the benefit of all our stakeholders is a testament to the strength of our brands and future growth potential of the Company,” said Debra Perelman. “Upon emergence, we will have the capital structure and financial resources necessary to invest for the future, serve our loyal customers with high-quality beauty products they know and love, and introduce our beloved brands to the next generation of Revlon consumers around the world.”
Liz Smith said, “Establishing an engaged and experienced Board is a critical component for Revlon’s future, and I am honored to be joined by such committed, successful, and commercially-minded directors. Working alongside such esteemed director colleagues, as well as Revlon’s talented team, I am confident that we can achieve something great by executing the Company’s market-driven strategy and promoting a culture of innovation and excellence. Lastly, to our retail, supplier, and distribution partners, our commitment to reinvigorating our relationships with you, recapturing the excitement inherent in our portfolio of brands, and delivering more of what consumers want is unwavering.”
Post emergence, Revlon’s lenders, including affiliates of Glendon Capital Management LP, King Street Capital Management, L.P., Angelo, Gordon & Co., L.P., Antara Capital LP, Nut Tree Capital Management, LP, Oak Hill Advisors, L.P., and Cyrus Capital Partners, LP, collectively will own over 80% of Revlon’s reorganized equity.
Holly Kim, Founding Partner at Glendon Capital Management LP, said, “Our shareholder group’s investment in Revlon was driven by our belief in the enduring power of the Company’s iconic brands. We have assembled a board of veteran leaders with proven track records of revitalizing and scaling consumer brands, and we are excited to support them as they chart a new, sustainable path forward for Revlon.”
On April 3, 2023, the U.S. Bankruptcy Court for the Southern District of New York confirmed Revlon’s plan of reorganization. Additional information, including court filings and other documents related to the court-supervised process, is available on the Company’s restructuring website at https://cases.ra.kroll.com/Revlon, by emailing [email protected] or by calling (855) 631-5341 (toll free) or (646) 795-6968 (international).
The shareholder group retained executive search and leadership advisory firm Spencer Stuart to advise on the Board search process.
About Elizabeth A. Smith
Elizabeth (Liz) A. Smith is an executive and board chair with deep turnaround experience. She most recently served as Executive Chairman and Chief Executive Officer of Bloomin’ Brands, Inc., leading the company from challenging times to a successful IPO within three years. Prior to joining Bloomin’ Brands, Ms. Smith served as the President of Avon Products, Inc., where she re-engineered the company’s innovation strategy, cost structure, operating process, and infrastructure. Previously, she worked for 14 years at Kraft Foods, Inc., ultimately serving as Group VP and President of its U.S. Beverages and Grocery Sectors. She currently serves on the boards of directors of Brown-Forman Corporation, Hilton Worldwide Holdings, Inc., and Authentic Brands Group, and previously served as Chair of the Federal Reserve Bank of Atlanta and a director of Carter’s, Inc., Gap, Inc. and Staples, Inc.
About Martin Brok
Martin Brok is an accomplished executive with over three decades of experience leading brands and retailers. Mr. Brok is currently an Operating Partner at Advent International and founder and Chief Executive Officer of mb Capital. He recently served as Global President and Chief Executive Officer of Sephora, where he reinvigorated growth and transformed the region-centered organization into a global beauty powerhouse. Prior to joining Sephora, Mr. Brok led Starbucks’ Europe, Middle East and Africa business, successfully repositioning the company in the region. Previously, he served in various leadership roles at Nike, Inc., including Chief Operating Officer of Nike’s Direct-to-Consumer business. Before that, he worked for many years at Burger King Holdings, Inc. and The Coca-Cola Company. He currently serves on the board of directors of Self Esteem Brands LLC.
About Timothy McLevish
Timothy (Tim) McLevish is a senior corporate finance executive and board member with deep experience in large-scale, complex, and global consumer businesses. He has over 20 years of Chief Financial Officer experience at five public companies, including Carrier Corporation, Walgreens Boots Alliance, Inc., Kraft Foods Group, Inc., Ingersoll-Rand Corporation, and Mead Corporation. Mr. McLevish previously worked at Touche Ross & Co. after beginning his career in General Mills’ accounting department. He is a former member of the boards of directors of Conagra Brands, Inc., Kennametal, Inc., Lamb Weston Holdings, Inc., R.R. Donnelley & Sons Company, URS Corporation, and US Foods, Inc.
About Hans Melotte
Hans Melotte is an international business leader with more than 30 years of operating experience across the consumer products, retail, and health care industries. He brings a unique combination of global P&L accountability with deep leadership expertise across supply chain, procurement, and sustainability. Most recently, he served as President of Starbucks’ Global Channel Development business, leading the brand experience outside of the company’s retail stores in 85 global markets. Previously, he served as Starbucks’ Chief Supply Chain Officer and interim Chief Technology Officer. Prior to joining Starbucks, he spent 20 years at Johnson & Johnson in multiple regions, including as Chief Procurement Officer. He began his career at Procter & Gamble and PricewaterhouseCoopers.
About Paul Pressler
Paul Pressler is an accomplished executive and board member with diverse experience in retail, consumer products, leisure and hospitality, and e-commerce. Mr. Pressler currently serves as Chairman of the board of eBay Inc. He recently served as an Operating Partner at Clayton, Dubilier & Rice Inc., where he helped invest in and manage portfolio companies across the consumer and retail sectors. Before joining Clayton, Dubilier & Rice, Mr. Pressler served as President and Chief Executive Officer of Gap, Inc. Previously, he worked for 15 years at the Walt Disney Company, ultimately serving as Chairman of Walt Disney Parks and Resorts. In addition to eBay, he currently serves on the boards of directors of MOD Superfast Pizza, LLC and Wilsonart International Holdings, LLC, and previously served on the boards of directors of AssuraMed Holding, Inc., Avon Products, Inc., David’s Bridal, Inc., Gap, Inc., OpenTable, Inc., and SiteOne Landscape Supply, Inc.
About Revlon, Inc.
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 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, Christina Aguilera and AllSaints.