Revlon Hires New CEO From CVS Health

A year after emerging from bankruptcy proceedings under new ownership, Revlon has appointed a chief executive officer.

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Michelle Peluso, who most recently worked as the chief customer and experience officer at CVS Health, will be taking the top slot, effective Nov. 4.

“It is an honor to lead Revlon and its collection of powerful brands at this important time in the company’s history,” Peluso said in a statement. “I look forward to working with the full Revlon team — as well as our retailer, supplier and distribution partners — to further unlock the growth potential of our brands and meet the moment for the next generation of beauty and wellness lovers.”

Peluso is inheriting her duties from Liz Smith, the interim CEO since August 2023, who will continue on as the board’s executive chair. Smith’s appointment came on the heels of Chapter 11 bankruptcy proceedings , which cut more than $2.7 billion in debt and handed ownership to Revlon’s lenders. The resulting entity, Revlon Group Holdings LLC, had around $1.5 billion in debt at that time.

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As a result of the proceedings, longtime owner Ronald Perelman exited the company, followed by his daughter, then-CEO Debra Perelman. The company’s sales hit an estimated $2.1 billion in 2023 — a 5 percent uptick from the year prior — driven by strong performance of Elizabeth Arden in Asia, which offset Revlon brand declines.

“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,” Smith said in a statement. “Michelle is a terrific leader and brings significant retail and digital experience to Revlon that will be critical to our future growth and success.”

Peluso’s appointment comes after another high-profile CEO announcement. Last week, Unilever named Mary Carmen Gasco-Buisson to the same role of its prestige beauty division, following the departure of Vasiliki Petrou.

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