- After less than four years in the position
- Praise, thanks and good wishes for Wong
- Amanda Baldwin taking over
- Wong said 79 words
(exechange) — Santa Barbara, California, October 12, 2023 — JuE Wong, chief executive of Olaplex, leaves her position. As announced by Olaplex Holdings Inc. in a news release and in a regulatory filing published on Thursday, October 12, 2023, JuE Wong leaves her post as chief executive officer at the hair-care company, after less than four years in the role, effective immediately.
Generally speaking, it raises questions when a CEO leaves her post abruptly.
JuE Wong’s duties as CEO will be taken over by Amanda Baldwin, currently Chief Executive Officer at Supergoop LLC.
The fact that JuE Wong’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
“No longer serves”
Olaplex said: “Amanda Baldwin will join the Company as Chief Executive Officer, effective by early 2024, succeeding JuE Wong. Ms. Baldwin will also join the Olaplex Board of Directors (the “Board”). John P. “JP” Bilbrey, the Company’s Executive Chair of the Board, will serve as interim CEO during the transition period.”
Olaplex further said: “On October 12, 2023, the Company announced that John P. Bilbrey has been appointed as interim Chief Executive Officer of the Company, effective as of such date. Mr. Bilbrey succeeds JuE Wong, who no longer serves as President and Chief Executive Officer, effective as of October 12, 2023. Ms. Wong will remain employed with the Company until October 20, 2023. Ms. Wong has resigned from her position as a member of the Company’s board of directors (the “Board”), effective October 12, 2023.”
“Deeply understands consumer insights and analytics”
Olaplex did not give an explicit reason for JuE Wong’s departure from the CEO post. JP Bilbrey stated: “Amanda is a leader in growing prestige beauty brands and we are delighted to welcome her as CEO of Olaplex. She is an effective and creative brand builder who deeply understands consumer insights and analytics.”
Precise information regarding JuE Wong’s future plans was not immediately available.
Share price decline since October 2021
The announcement follows a decline in Olaplex Holdings Inc.’s share price of 92% since October 2021.
In the position of CEO since 2020
JuE Wong became CEO of the Company in 2020.
JuE Wong has served as a member of the Company’s Board and as the Company’s President and Chief Executive Officer since August 2021.
She has also served as Chief Executive Officer of Olaplex, Inc. since January 2020.
Prior to the Pre-IPO Reorganization, Wong had been a member of the Board of Managers of Penelope Group GP since February 2020.
Wong has extensive experience in scaling business and financial performance for all classes of business from emerging businesses, middle market growth organizations and established/legacy companies.
She has strategic and operating expertise in digital and technology-driven platforms of growth.
Prior to joining Olaplex, Wong served as the Global Chief Executive Officer of Moroccanoil Inc. from 2017 to 2019, the President of Elizabeth Arden from 2015 to 2017, and the Chief Executive Officer of StriVectin from 2012 to 2015.
Wong currently serves as a director of Cosmetic Executive Women and Committee of 200 (C200).
Wong earned a B.A. (Honors) in Political Science from the Australian National University.
79 words by JuE Wong
In the release announcing her departure as CEO of Olaplex Holdings Inc., JuE Wong received praise, thanks and good wishes.
In announcing her departure, JuE Wong said 79 words.
“An incredible ride”
JuE Wong stated: “It has been an honor to lead Olaplex through so many significant moments over the past three-plus years. My time with the Company has been an incredible ride, and I appreciate the opportunity to help serve our team, partners, creators and professional stylists – all of whom have played a special role in our success. I can’t wait to see all that Olaplex accomplishes in the years to come and will remain a loyal and committed champion of the brand.”
Push-out Score for JuE Wong’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that JuE Wong was pushed out or felt pressure to leave her position.
exechange reached out to Olaplex and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 42.2023 ($).