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Today, Olaplex Holdings , Inc. (NASDAQ:OLPX), a company specializing in hair care products, announced the completion of its executive leadership transition with the appointment of Catherine Dunleavy as Chief Operating Officer and Chief Financial Officer, effective immediately. This move follows the company's previous announcement on July 11, 2024, regarding the planned changes in its leadership structure.
Dunleavy, 55, brings extensive experience to the role, succeeding Paul Kosturos, who served as interim CFO since May 6, 2024. The transition was initially disclosed in a Form 8-K filed with the Securities and Exchange Commission (SEC) by Olaplex Holdings. Kosturos will step down following Dunleavy's appointment.
In addition to her appointment, Dunleavy has entered into an indemnification agreement with Olaplex Holdings. This agreement is similar in form to the one included as Exhibit 10.2 in the company's Annual Report on Form 10-K filed on February 29, 2024.
In other recent news, Olaplex Holdings Inc. reported second-quarter earnings for fiscal year 2024, noting net sales of $103.9 million and adjusted EBITDA of $32 million, despite a 4.8% year-over-year decline in net sales. The company has maintained its full-year net sales forecast of $435 million to $463 million.
TD Cowen and Telsey Advisory Group adjusted their price targets for Olaplex, raising them from $1.80 to $2.00 and $2.00 to $3.00 respectively, while maintaining their respective Hold and Market Perform ratings on the stock.
Analysts from TD Cowen and Telsey Advisory Group both note the positive impact of these strategic moves but advise potential investors to remain watchful due to broader challenges facing consumer-oriented businesses.
According to these firms, the company's efforts are expected to materialize in the latter half of 2024, with benefits from salon pallet kits, new product launches, and a seasonal lift in Q4. Adjusted gross profit margin is projected to expand by 110 to 170 basis points, while adjusted SG&A expenses are expected to rise due to sales and marketing investments.
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