NEW YORK: US cosmetics giant Revlon has ousted president-ceo Jack Stahl, having run out of patience with continuing losses and poorly performing brands.
Chairman Ron Perelman has swiftly replaced Stahl with the company's chief financial officer, David Kennedy, who becomes the third ceo since 1999.
Revlon, which sells products under its own name and the Almay brand, has posted losses for eight consecutive years. It is saddled with almost $1.7 billion (€1.34bn; £903m) in debt and faces competition from larger rivals such as French giant L'Oreal, which is chipping away at Revlon's US market.
In common with Stahl, Kennedy joined Revlon in 2002 from the Coca-Cola Company. As president of the international division, he turned the unit from loss to profit during his tenure and was appointed cfo of the whole company in March this year.
In a statement, financier Perelman called Kennedy "a talented, experienced executive" and said that Stahl made "significant contributions" to Revlon during his tenure.
Stahl is leaving to pursue other interests but otherwise remains zip-lipped on details of his departure.
Data sourced from New York Times; additional content by WARC staff