Revlon CEO, USA Gymnastics, Sarah Silverman: Broadsheet May 24
Good morning, Broadsheet readers! We read journalist Kim Wall’s final story, the CEO of USA Gymnastics breaks her silence on Larry Nassar, and Revlon gets its first-ever female chief. Finally a bit of housekeeping: Today is my co-editor Valentina Zarya’s final day at Fortune. I’m sure you will all miss her as much as I will, so please join me in wishing her well on her next adventure!
• Revlon needs a makeover Revlon has appointed Debra Perelman, daughter of Ronald Perelman—the company's controlling shareholder—chief executive officer.
The move is interesting for a few reasons. Perelman, who was named COO four months ago, is the first-ever woman to run the 86-year-old cosmetics company. As noted by Fast Company there are fewer top execs in the beauty world than you might think; L’Oréal, Estée Lauder, and Avon are all currently run by men.
As the daughter of the company's chairman, Perelman will likely face some whispers about nepotism—an idea she dismissed outright in her conversation with Fast Company, noting that she has two decades of experience at the company.
But it's not Perelman's advantages that interest me—in fact, the polar opposite: it's her position on the glass cliff. For anyone who's unfamiliar with the term, it's what my former colleague Jennifer Reingold once described as "a phenomenon in which women leaders are more likely to be offered the top position at companies that are struggling or in crisis."
Revlon seems to fit the bill. Former chief Fabian Garcia was hired to turn the company around. He failed and departed after less than two years. Sales are down at the cosmetics giant, as is its stock. Meanwhile, it faces growing competition from specialty beauty retailers and innovative online upstarts.
Will Perelman be able to maintain her footing on that steep and slippery slope? We'll have to watch and see. Fortune
ALSO IN THE HEADLINES
• Sorry's a start. Breaking nearly six months of silence on the issue, USA Gymnastics CEO Kerry Perry told a Congressional panel she was “appalled and sickened by the despicable crimes of Larry Nassar.” Perry apologized to the more than 300 victims of the disgraced doctor, vowing: “Those days are over.” Washington Post
• Fund 2, for F3. Fortune's Polina Marinova talks to Female Founders Fund leaders Anu Duggal and Sutian Dong about closing their second fund—a $27 million pot that includes investments from the likes of Melinda Gates, Hayley Barna, and Katrina Lake. Their conversation also touches on "the role LPs play in the venture ecosystem, investment trends to watch, and whether a fund like F3 is really in a position to challenge the status quo." Fortune
• Funny girl. This Sarah Silverman profile—part of GQ's annual comedy issue—charts how the comedian has shown a kinder and more vulnerable part of herself in recent years, asking: "Can she pull it off? Or does being a better person make you a worse comic?" The piece also gets into Silverman's thoughts on #MeToo—and her response to the bad behavior of her friends Louis C.K., Aziz Ansari, and Al Franken. GQ
• Last words. LongReads has published the last piece written by journalist Kim Wall before she was murdered by Danish inventor Peter Madsen. The article, which Wall wrote with her reporting partner Mansi Choksi, tells the story of three women who fought with the Tamil Tigers during Sri Lanka’s 25-year civil war—and how the experience affected the rest of their lives. "Years after the war had ended, these women continued to fight privately with the ideas that had drawn them to the movement in the first place—a desire to exercise their right to self-determination, the blinding rage of wanting to avenge their oppression, suffering, and humiliation, and the dream of creating a new order for women in the promised homeland." LongReads
• Grand Bleu? IBM CEO Ginni Rommety is in France, where she met with President Emmanuel Macron and announced that the company will create 1,800 jobs in the country, focused mostly on artificial intelligence, cloud computing and blockchain. Financial Times
MOVERS AND SHAKERS: Macy’s has appointed Paula Price, previously of Ahold USA, chief financial officer.
IN CASE YOU MISSED IT
• Dress like Dia. Dia Simms, president of Combs Enterprises, oversees many of the businesses built by Sean Combs, including Bad Boy Entertainment, CÎROC vodka, Revolt Media, and Sean John. Here, she talks to The Cut about how she dresses to "exude confidence, elegance, and black excellence." (I am now obsessed with the dress she's wearing in the photos.) The Cut
• Congrats, JLD! The delightful Julia Louis Dreyfus will be the 21st recipient of the Kennedy Center’s Mark Twain Prize for American Humor. She is the sixth woman to receive the award since its 1998 inception. Slate
• A seat at the roundtable. The Hollywood Reporter convened a dream team for its annual Drama Actress Roundtable: Angela Bassett, Claire Foy, Maggie Gyllenhaal, Elisabeth Moss, Thandie Newton, and Sandra Oh. The six talk "the power of producing, onscreen nudity (male and female), learning to say no and the better-late-than-never push for gender pay parity: 'There was so much talk, and where was the action?'" The Hollywood Reporter
ON MY RADAR
Watch these women off-roaders navigate the Moroccan desert—without GPS Refinery29
We sat down with the Arrested Development cast. It got raw. New York Times
Girlhood across America, captured by one photographer New York Times
Everything to know about Ireland’s historic abortion referendum The Cut