On Monday, the company, best known for its Hydrafacial brand, announced that president and chief executive Andrew Stanleick will be stepping down from his role and relinquishing his seat on the company’s board, effective Nov. 19. Marla Beck, current BeautyHealth director and Bluemercury founder, will serve as interim CEO while the company begins a search for a new successor.
The news comes on the heels of the company reporting its third-quarter earnings on Nov. 13, where it announced a 10 percent growth in sales and a net loss of $73.8 million in the period ending Sept. 30. The company attributed the loss to its issues with its Syndeo device. Like fellow publicly-listed mono-brand companies, such as Olaplex, which have been unable to offset losses with other brands or divisions, The BeautyHealth Company has seen its stock price tumble. Over the course of 24 months, its stock has fallen 86.2 percent.
Stanleick joined BeautyHealth in January 2022 having previously served as executive vice president, Americas at Coty Inc and global chief executive of Coty’s joint venture with Kylie Cosmetics.
Olaplex’s Sales Continue to Plunge
The company’s specialty retail channel was hit the hardest, reporting a nearly 42 percent drop in sales compared to the same period last year. Olaplex is sold in a number of specialty doors including Sephora.