Olaplex is replacing its chief executive as the haircare brand confronts a sharp slide in sales.

JuE Wong, who had led the brand since 2020, and oversaw its initial public offering the following year, is stepping down. Her successor, former Supergoop CEO Amanda Baldwin, will join in early 2024. Until her arrival, the company’s executive chair of the board, John Bilbrey, will serve as interim chief executive.

Olaplex enjoyed great success with both consumers and in salons with its patented chemistry that turned “bond-building” into a bona fide haircare category. The company was valued at $13.6 billion at its IPO. However, the brand has struggled since then. In August, the company reduced its fiscal year outlook as net sales slumped by 48.2 percent compared to the same period last year. Olaplex’s stock price is down more than 90 percent from where it started trading two years ago. Olaplex has also been dogged by bad publicity stemming from a class action lawsuit alleging its products cause hair loss. Wong previously dismissed the lawsuit to The Business of Beauty as “frivolous.” Baldwin is a seasoned beauty executive, with stints at Dior Beauty, where she led the omnichannel marketing strategy, and the consumer-focussed investment fund L Catterton, where she was a senior vice president. Most recently, Baldwin has served as chief executive officer at the sunscreen company Supergoop since July 2016.

In a statement, Baldwin describes her arrival as coming at a “pivotal time in [Olaplex’s] evolution”, while Bilbrey said that Baldwin’s strengths in marketing, product development and execution, “make her the ideal person to position Olaplex for long-term success.”

Learn more:

Can Olaplex Reclaim the Narrative?

The popular hair care brand, at one point valued at over $10 billion, built a powerful community of superfans with its novel ingredients and claims to restore broken bonds. But stiff competition and unsatisfied customers have taken a toll. CEO JuE Wong speaks to BoF about Olaplex’s future.