NEW YORK (AP) — 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, 53, who joined Revlon as CEO in early 2002, will be succeeded immediately by David L. Kennedy, 59, Revlon's chief financial officer, the company said Monday. 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 including 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., the world's biggest soft drink company.