As expected, struggling cosmetics-maker Revlon Inc. (New York) has named former Coca-Cola president Jack Stahl as president and ceo, effective immediately. He is the company's third in five years.
Last week, Revlon announced that Jeffrey Nugent had resigned as president and ceo. At the time, conjecture was that Nugent's decision was fueled, at least in part, by Revlon chairman Ron Perelman's public comments about planning to hire Stahl.
Stahl began his career with Coca-Cola in 1979, and 10 years later became the youngest cfo in the history of the Atlanta-based consumer products giant at age 36. He subsequently headed the company's North American, Latin American and Minute Maid juice groups and, from 2000 to 2001, served as president and coo.
During his tenure, he was credited with decentralizing the top-heavy management structure and taking the lead in forming a joint venture with Nestle to market ready-to-drink tea and coffee.
He resigned from Coca-Cola in March 2001, in the midst of a management reshuffling. It was said that he had ambitions to be ceo, a job that would not be available for some time.
Perelman said, “As president and coo at Coca-Cola, Jack displayed leadership qualities and a mastery of business disciplines that are essential to global success. With our powerful brands and now more efficient operational platform, Revlon is ready to thrive under Jack Stahl's leadership.”
Revlon products (Revlon, Almay, Ultima II, Charlie perfume, Flex hair care, Mitchum deodorant, among others) have been losing market share and the company seemed to be stumbling in how to advertise its message to consumers. It has fired and hired advertising agencies in the middle of campaigns and has switched back and forth and back again on tying its marketing campaign to supermodel/spokespersons.