Sources said former Coca-Cola president and chief operating officer Jack L. Stahl is expected to take command of the struggling cosmetics company. Neither Nugent nor Stahl could be reached for comment, nor could any other Revlon executives.
Stahl resigned from Coca-Cola last March after more than 20 years. Before leaving he helped fashion a new operational management structure that went into effect upon his departure. At the time Stahl said, “I have greatly enjoyed the opportunity to play a leadership role in The Coca-Cola Company. Coca-Cola is and always will be a part of me. Now the time has come for me to pursue new challenges and opportunities.”
Stahl is a graduate of Emory University and has an MBA from the Wharton Business School. He began his career at Coke in the finance division. In 1988 he was elected vice president and controller, then became senior vice president and chief financial officer in 1989. From 1994 to 1999 he was president of Coca-Cola USA. In 2000 he was named president and chief operating officer.
Revlon has been struggling for several years under a $1.6 billion debt and shrinking market share. Its namesake brand, which accounts for 40 percent of Revlon Inc. sales, was once the mass market leader. It ended 2001 with a market share of 16.4, following Cover Girl with 17.8 and Maybelline with 19.7
Nugent, former president of Neutrogena, was tapped in December 1999 to fashion a turnaround plan. There has been progress but it has been painfully slow. Some key launches like Absolutely Fabulous lipstick missed the mark with consumers last year. Revlon also recently reversed its advertising approach — again. With much fanfare, Revlon dropped longtime spokesmodel Cindy Crawford a year ago, saying at the time that the brand, not supermodels, was the star. This year, Revlon reversed course by signing Julianne Moore in an attempt to find a voice for the future.