Revlon has named Michelle Peluso, a former CVS Health executive, as its permanent CEO, a year and a half after emerging from bankruptcy.

Peluso will officially take on the role on Nov. 4, replacing interim CEO Liz Smith, who will continue as the board’s executive chair. In her new position, Peluso will also join Revlon’s board, tasked with driving the beauty brand’s next phase of growth.

In a LinkedIn post, Peluso expressed her excitement for the role.

“It’s a dream job to lead such an accomplished team around the world to ensure the truly beloved brands of Revlon, Elizabeth Arden and the broader portfolio shine for the next generation of beauty shoppers,” Peluso wrote.

Revlon is No. 554 in the Digital Commerce 360 Top 1000 Database. The database ranks the largest North American online retailers by annual web sales. Digital Commerce 360 projects that Revlon’s online sales will reach $116.61 million.

Revlon web sales

New Revlon CEO to leverage omnichannel expertise

Michelle Peluso, CEO, Walgreens. Photo credit: Revlon

With Peluso taking the helm, Revlon secures a permanent CEO after longtime executive Debra Perelman stepped down in August 2023, following the company’s emergence from bankruptcy earlier that spring.

Peluso brings expertise in customer experience, retail, digital strategy and omnichannel operations. In her previous role as executive vice president and chief customer and experience officer at CVS Health, she led efforts to improve consumer interactions across all channels, according to her LinkedIn profile. Over her 14 months in the position, Peluso said she focused on creating meaningful experiences for more than 100 million customers and strengthening CVS’s omnichannel customer service.

Before that, Peluso served as co-president of CVS Pharmacy. She also held key leadership roles, including global chief marketing officer at IBM and Citi, and CEO positions at Travelocity and Gilt. She is currently a board member at Nike.

Smith, a former CEO of Bloomin’ Brands, who served as Revlon’s interim CEO, praised Peluso’s appointment in a company press release.

“I am thrilled to be bringing Michelle on to lead Revlon’s next phase of growth,” Smith said. “It has been a privilege to undertake this transformation journey over the past year. With a clear strategic direction set for the Company, strong progress on our transformation, a deeply talented leadership team in place and exciting opportunities in front of us, now is the right time for this transition.”

Revlon rebuilds post-bankruptcy

The beauty brand has been solidifying its leadership team as it looks to rebound from bankruptcy and drive future growth.

Revlon filed for bankruptcy in June 2022, burdened by $3.5 billion in debt, supply chain challenges, and inflationary pressures that were exacerbated by the pandemic.

The restructuring enabled the company to cut $2.7 billion in debt, with control transferring to a group of lenders. The reorganized entity, Revlon Group Holdings LLC, emerged from bankruptcy in May 2023 with approximately $1.5 billion in debt.

The bankruptcy also marked the end of Ronald Perelman’s longtime ownership of the company, and the departure of his daughter, Debra Perelman, after more than two decades at Revlon, including five years as CEO.

Since then, Revlon has been overhauling its executive team. In August 2023, the company appointed:

• Ted McCormick, a former executive at Real Truck, as chief financial officer.
• Geralyn Breig, former CEO of ecommerce marketplace AnytownUSA.com, as president of North America.
• Will Cornock, a former Boston Consulting Group partner, as chief strategy and transformation officer.

Revlon also revamped its board of directors in May 2023, adding senior executives including:

• Smith, the outgoing Walgreens CEO and former CEO of Bloomin’ Brands.
• Former Gap CEO and eBay board chair Paul Pressler.
• Former Sephora CEO Martin Brok.
• Hans Melotte, former president of Starbucks Global Channel Development.
• Timothy McLevish, former chief financial officer of Walgreens Boots Alliance.

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