Revlon emerges from bankruptcy with board led by former Sephora, Walgreens Boots Alliance executives
Revlon is looking to emerge from its bankruptcy filing by forming a new board of directors compromised by senior executives of such brands as Sephora, Bloomin’ and Walgreens Boots Alliance.
The senior executives who possess a deep knowledge of the global consumer, retail and beauty industries will help Revlon in its business transformation and long-term growth strategy, the company 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,” said Debra Perelman, president and chief executive officer of Revlon. “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.”
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Effective upon its emergence from Chapter 11, Revlon’s new board members will include:
- Elizabeth (Liz) A. Smith, executive chair: Former executive chairman and chief executive officer of Bloomin’ Brands. Former chair of the Federal Reserve Bank of Atlanta and Former president of Avon Products;
- Martin Brok: Former global president and chief executive officer of Sephora, president of Starbucks Europe, Middle East and Africa, and chief operating officer of Nike Direct-to-Consumer;
- Timothy McLevish: Former chief financial officer at Walgreens Boots Alliance, Kraft Foods Group and Ingersoll-Rand Corporation;
- Hans Melotte: Former president of Starbucks’ global channel development and former chief procurement officer at Johnson & Johnson; and
- Paul Pressler: Current chairman of the board of directors of eBay, former chief executive officer of Gap and former chairman of Walt Disney Parks and Resorts.
“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,” Liz Smith said. “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.
[Read more: Revlon combines makeup, skin care with Illuminance Skin-Caring Foundation]
“Our shareholder group’s investment in Revlon was driven by our belief in the enduring power of the Company’s iconic brands,” said Holly Kim, founding partner at Glendon Capital Management LP. “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.”