Debra Perelman has stepped down from her role as president and CEO of Revlon Group Holdings.

The cosmetics company has appointed Elizabeth A Smith as interim CEO, effective immediately, while Perelman will serve as an advisor during a transition period.

Smith previously served as executive chairman and CEO of Bloomin’ Brands, was chair of the Federal Reserve Bank of Atlanta, and president of Avon Products.

“It has been an honour to lead the talented and dedicated Revlon team over the past five years, and I am grateful to my colleagues for their partnership and support throughout this time,” said Perelman.

“With a successful financial restructuring behind us, I believe now is the right time to pass the torch.”

Prior to her role as CEO, Perelman served as COO of Revlon. With over 20 years at the company, she assumed multiple roles across all facets of the business, including finance, distribution and sales operations, international, and marketing.

She also oversaw the company’s corporate strategy, led its digital transformation, and has an impressive track record of innovation.

“The entire board of directors is grateful to Debbie for her many contributions to Revlon as both CEO and a member of the board for the past five years – especially for her leadership during the Covid-19 pandemic and the financial restructuring process,” said Smith.

The Revlon team will continue to capitalise on the opportunities ahead and deliver value for all of its stakeholders, she added.