NEW YORK – Struggling cosmetics giant Revlon Inc., as expected, named former Coca-Cola Co. executive Jack Stahl as its president and chief executive.
The appointment, announced Tuesday, follows Revlon's announcement on Friday that Jeffrey M. Nugent, who held that position for two years, had left the company.
Nugent had been spearheading a turnaround at the company with major cost-cutting moves, while developing new product lines. But the company, the maker of Flex shampoo and Almay makeup, still struggled with declining sales and earnings.
In a statement released Tuesday, Revlon chairman Ron Perelman referred to Stahl, who left last year as president and chief operating officer of Atlanta-based Coca-Cola amid a management restructuring, as a "world-class executive with extensive experience in marketing, operations and finance."
"As president and chief operating officer at Coca-Cola, he displayed leadership qualities and a mastery of business disciplines that are essential to global success," Perelman said. "His breadth of experience in leveraging brand equity and launching new product innovations will serve Revlon superbly."
Stahl, 48, began his career with Coca-Cola in 1979. He helped lead and manage the public offering of Coca-Cola Enterprises, the largest Coca-Cola bottler in the world, in 1986. Stahl became the youngest chief financial officer in the history of Coca-Cola in 1988 at the age of 36. In 1994, as senior vice president and group president, North America, Stahl assumed the leadership of Coke's largest business group.
With Stahl at the helm, Coca-Cola North America experienced triple average annual growth, increased market share from 40 percent to 45 percent and increased operating income by 14 percent annually over the six-year period.
From 2000 to 2001, Stahl served as president and chief operating officer of Coca-Cola. He helped to define a broader beverage portfolio strategy for Coca-Cola and implemented a decentralized management structure. Stahl also took the lead in the formation of a ready-to-drink tea and coffee operating joint venture with Nestle and other major marketing initiatives with global partners.
Shares of Revlon were up more than 4 percent, or 17 cents, to $3.99 in morning trading on the New York Stock Exchange.