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Grey is out as Revlon's global agency of record after a year, the agency confirmed. And in a piece of news dropped by new Revlon CEO Debra Perelman on Thursday's earnings call, it's being replaced by an in-house shop, The Red House.

"Our contract ran through June, and we both chose not to renew," says Grey spokesman Owen Dougherty. The agency continued its work as Revlon got its internal agency up and running, he says.

The move comes after Grey's WPP sibling Mediacom resigned its global assignment in March, replaced in July by Interpublic's Initiative. And it came amid a 6 percent revenue decline for Revlon last quarter, which missed Wall Street's estimates, mainly due to an 11 percent decline in the sales of the flagship brand handled by Grey.

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