You are here
CHICAGO - Troubled cosmetics maker Revlon Inc. on Tuesday said it has named former Coca-Cola Co. president and chief operating officer Jack Stahl as its chief executive. Stahl, 48, will be the company's third chief executive in five years, Reuters reports. He replaces Jeffrey Nugent, who resigned on Friday. The appointment is effective immediately.
Revlon, the maker of Revlon and Almay cosmetics and Flex shampoo, has suffered from declining sales and millions of dollars in losses over the past several years. The company has more than $1 billion of debt on its books, and has been under increasing pressure from Procter & Gamble Co., Max Factor and France's L'Oreal, according to Reuters.
While Revlon took steps under Nugent to cut costs through plant consolidations and other measures, analysts say Stahl needs to carry those steps further to help boost growth.
Stahl resigned from Coca-Cola in March 2001. Before being named president and COO with Coca-Cola, he also headed the company's North American, Latin American and Minute Maid juice groups.
Stahl said Revlon will focus on speeding growth through marketing and building stronger relationships with retailers.