The Perelmans’ control over beauty company Revlon Group is not any more.

Not long after her father Ronald Perelman was pushed out, Debra Perelman is stepping down from her role as president and chief executive officer and as a member of the board. She’s going to function an adviser to the corporate, whose brands include namesake Revlon, Elizabeth Arden and Almay, for a transitional period.

Elizabeth A. Smith has been appointed interim CEO. Smith was brought in as executive chair of the Revlon board of directors in May and continued in that role because it emerged from Chapter 11 bankruptcy.

Perelman said: “It has been an honor to guide the talented and dedicated Revlon team over the past five years, and I’m grateful to my colleagues for his or her partnership and support throughout this time. With a successful financial restructuring behind us, I think now’s the appropriate time to pass the torch. Revlon’s simplified capital structure and significantly reduced debt have positioned the corporate for long-term growth. I actually have every confidence in the corporate’s future success.”

Her father had been the bulk owner of Revlon for the reason that mid-’80s, gaining control via a hostile takeover through his company MacAndrews & Forbes. He took Revlon to latest heights within the ’80s and ’90s, when he used the brand to catapult himself into the worlds of society, fashion and Hollywood. But in 2020, the nice times got here to a halt because the COVID-19 pandemic significantly worsened the corporate’s issues and it left with no alternative but to file for chapter 11 bankruptcy. He departed earlier this yr as a part of a bankruptcy take care of lenders. 

Glendon Capital Management, King Street Capital Management, Angelo Gordon & Co., Antara Capital, Nut Tree Capital Management, Oak Hill Advisors and Cyrus Capital Partners, now collectively own greater than 80 percent of Revlon’s reorganized equity.

Smith said: “That is an exciting time for Revlon, which is well positioned for its next phase of growth with a simplified capital structure and the support of latest owners. I’m energized by the engagement of our latest board, which is committed to the execution of the corporate’s business transformation. Together with the leadership team, I sit up for constructing an organization-wide culture of innovation and excellence, and to working with our retailer, supplier and distribution partners to reignite the momentum in our iconic brands.”

Smith is the previous executive chairman and CEO of restaurant chain operator Bloomin’ Brands Inc., former chair of the Federal Reserve Bank of Atlanta, and former president of Avon Products. She also has a 14-year stint at Kraft Foods under her belt.

Martin Brok, former global president and CEO of Sephora, also joined the board in May, as did Timothy McLevish, former chief financial officer at Walgreens Boots Alliance Inc., Hans Melotte, former president of Starbucks’ global channel development, and Paul Pressler, current chairman of the board of directors of eBay, and former CEO of Gap.