This is the first time in the company's 86-year history that it will be headed by a woman.
More and more women are taking the helm at corporations, but in the case of Revlon, this change is long overdue. In the beauty company’s 86 years of existence, it has never been headed by a woman. At least, until now.
Revlon names first female CEO
Debra Perelman was recently appointed the first female Chief Executive Officer of Revlon, just four months after she was appointed COO in January 2018.
Though her billionaire father, Ronald Perelman, owns the majority of the beauty company, a spokesperson told CNN that nepotism was not the reason behind Debra’s appointment.
“She’s qualified,” the spokesperson said. “I also think she got that benefit, that she did learn from [her father]. He’s been a mentor to her and he respects her.”
Debra has been working at Revlon for 20 years, starting in 1998. In 2015, she became a member of the Revlon board.
She has helped usher the brand’s digital transformation, focusing on e-commerce and fostering a “culture of innovation” at the company, reports Allure.
She replaces Fabian Garcia, who stepped down in January after two years. Garcia was appointed to turn the company around — Revlon has been struggling as of late, reporting a loss in the last quarter and lower sales compared to last year.
“I love Revlon not only as a company, but as a culture of employees and executives who are committed to delivering women and men the best products in our industry,” Perelman said in a press release.
“I am committed to driving the company to compete and thrive in today’s dynamic environment and encouraging our talented team’s entrepreneurial spirit, agility and bold creativity.”
It seems that even in female-focused industries like cosmetics, women still have to struggle to break the glass ceiling. Both Estée Lauder Companies and L’Oréal are helmed by men.
Only 24 of the companies in the Fortune 500 have women CEOs (Revlon is not in the Fortune 500), and CNNMoney reports that only 5% of companies in the S&P 500 have women CEOs.
Now that Revlon names first female CEO, what do you think should be done to completely break that glass ceiling?