Make-up brand Revlon has confirmed a new board of directors featuring senior executives from Sephora, Walgreens, and Ebay as it emerges from bankruptcy.
In a statement, Revlon said it will emerge from Chapter 11 bankruptcy in “the coming days” with a reorganised board of directors, which will be led by executive chair Elizabeth Smith, former chief executive and executive chair at Bloomin’ Brands, and former president of Avon Products.
Each of the board members was chosen for their “deep knowledge of the global consumer, retail, and beauty industries,” explained Revlon to support its business transformation and long-term growth strategy.
Smith will be joined by Martin Brok, former global president and chief executive of Sephora and president of Starbucks, who previously held executive roles at Nike, and Timothy McLevish, former chief financial officer at Walgreens, Kraft Foods and Ingersoll-Rand.
Other board appointees include Hans Melotte, former president of Starbucks’ global channel development and former chief procurement officer at Johnson & Johnson, and Paul Pressler, the current chairman of Ebay’s board of directors and former chief executive of Gap and 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 reorganised Revlon, which will be a private non-SEC reporting company.
Commenting on the new board, Perelman said: “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.
“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.”
Revlon’s lenders include Glendon Capital Management, King Street Capital Management and Angelo Gordon & Co, who will collectively own more than 80 percent of the reorganised company’s equity.
Holly Kim, founding partner at Glendon Capital Management LP, added: “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 revitalising and scaling consumer brands, and we are excited to support them as they chart a new, sustainable path forward for Revlon.”