NEW YORK – Cosmetics maker Revlon Inc. said Friday that Chief Executive Jeffrey Nugent has resigned after two years on the job.
The Wall Street Journal reported Friday that financier Ronald Perelman, who controls most of the company's stock, planned to replace Nugent with Jack Stahl, a long-time Coca-Cola Co. executive who resigned last year from the post as president after a year on the job.
In a press release, Revlon said Perelman expects to name a replacement soon, but did not say who the replacement would be.
The maker of Revlon and Almay cosmetics and Flex shampoo has struggled under a heavy debt load and posted millions of dollars in losses over the past several years. Under Nugent, it has tried to cut costs through plant consolidations and other efforts, while also introducing new products and increasing advertising.
In the most recent quarter, Revlon posted a loss of $22.9 million, improving from $26.1 million a year earlier.