Beauty Industry

Jack Stahl Resigns As Revlon President, CEO

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By: Jamie Matusow

Editor-in-Chief

Revlon Inc., which is struggling to turn its business around, said Jack Stahl has resigned after more than four years as chief executive and president of the cosmetics maker. Stahl, who joined Revlon as CEO in early 2002, will be succeeded immediately by David L. Kennedy, Revlon’s chief financial officer, the company said. Stahl will stay on for 30 days to help with the transition. The announcement comes six weeks after Revlon reported a wider second-quarter loss, dragged down by the disappointing launch of Vital Radiance, a much heralded line aimed at women over age 50. This will be the third CEO Revlon has had since 2000 as the owner of brands include Flex shampoo and Almay makeup, struggles to become profitable and increase market share amid higher competition from L’Oreal SA’s Maybelline and P&G’s Cover Girl. Kennedy joined Revlon as executive vice president and president of Revlon International in 2002 and became chief financial officer of the parent company earlier this year. Both Stahl and Kennedy are former employees of The Coca-Cola Co. “David Kennedy is a talented, experienced executive who, as president of Revlon International, restored meaningful profitability to the international business through aggressive control of costs and strong top-line growth,” Ronald Perelman, chairman of Revlon’s board and the company’s majority shareholder, said in a statement. “We believe he will provide the company with outstanding leadership as we move to strengthen Revlon’s brands, improve performance and build value for shareholders.” Kennedy’s 33-year business career includes several senior management and senior financial positions with Coca-Cola and Coca-Cola affiliates, including serving as managing director of Coca-Cola Amatil Ltd., a publicly held company based in Australia, and as general manager of The Coca-Cola Foundation Division. He also served in various key financial positions at Columbia Pictures. Perelman said Stahl “has made significant contributions” at Revlon, adding “we appreciate his tireless efforts.” Stahl took over as CEO from Jeff Nugent, who abruptly departed after only two years on the job.

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