Olaplex Holdings Inc. announced new leadership as the hair-care company struggles to regain its footing amid a lawsuit and sinking share price.
(Bloomberg) — Olaplex Holdings Inc. announced new leadership as the hair-care company struggles to regain its footing amid a lawsuit and sinking share price.
Amanda Baldwin, chief executive officer of skin-care brand Supergoop, will succeed JuE Wong in early 2024. Olaplex Executive Chairman John Bilbrey will serve as interim CEO during the transition. Supergoop specializes in sunscreen and other products with sun protection.
Santa Barbara, California-based Olaplex faced a consumer lawsuit, dismissed in July, that alleged the company’s products caused hair loss and scalp injuries. The company has also been beset by slowing demand, increased competition and guidance cuts. Olaplex on Thursday reiterated its August forecast for revenue and profit.
Read More: Olaplex Plunges After Weak Demand Drives Guidance Cut
The company’s shares have sunk to their lowest point since trading began in September 2021, losing two-thirds of their value since the beginning of the year. The stock got a boost earlier this month from a Barclays upgrade, with analysts expressing confidence that the business can stabilize.
“I see tremendous opportunity to help the brand and the business reach their full potential by further deepening engagement with stylists, retailers and consumers,” Baldwin said in a statement.
(Corrects status of lawsuit in third paragraph.)
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.