JuE Wong, who took the helm at Olaplex in 2020 and guided it through its initial public offering the following year, is resigning. Amanda Baldwin, former Supergoop CEO, will take her place beginning in early 2024. In the interim, John Bilbrey, the company’s executive chair of the board, will serve as the acting chief executive.
Baldwin is a veteran beauty industry executive who has worked with Dior Beauty, where she directed the multi-channel marketing approach, and L-Catterton, a consumer-driven investment firm, where she was a senior vice president. Most recently, Baldwin assumed the role of CEO of the sunscreen company Supergoop in July 2016.
In a statement, Baldwin described her appointment as occurring at a “crucial moment in [Olaplex’s] development,” while Bilbrey noted that Baldwin’s expertise in marketing, product development, and execution makes her the ideal person to position Olaplex for long-term success.
Olaplex achieved remarkable success with consumers and salons due to its patented chemistry that established “bond-building” as a legitimate category in hair care. The company was valued at $13.6 billion during its IPO. However, the brand has faced challenges since then.
In August, the company revised its fiscal year outlook as net sales dropped by 48.2 percent compared to the previous year. Olaplex’s stock price has fallen by over 90 percent from its initial trading value two years ago. Additionally, Olaplex has been embroiled in controversy due to a class-action lawsuit alleging that its products cause hair loss. Wong previously dismissed the case as “frivolous” in an interview with The Business of Beauty.
However, an Olaplex spokesperson told CEOWORLD magazine that “On July 11, 2023, the Court granted our motion to sever and dismissed the claims of the class action lawsuit. Currently, all 101 plaintiffs are dismissed, without prejudice.”
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