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Pastimes : The Makeup Thread -- Ignore unavailable to you. Want to Upgrade?

To: sandintoes who wrote (1161)	10/6/2006 12:13:43 AM
From: richardred	Read Replies (1) \| Respond to of 1925

Yes it is. Many times when a raider comes good people leave. Revlon makes CEO switch New York City-based cosmetics and personal care products maker Revlon, Inc. (REV) said on Monday morning that the company's Finance Chief David Kennedy would succeed Jack Stahl as President and Chief Executive Officer, effective immediately. Kennedy, who joined Revlon in 2002 from Coca-Cola Company, has also been appointed as a Director of the Board. In addition to the Chief Financial Officer position, Kennedy is currently assuming the roles of Executive Vice President and Treasurer. The company said that Stahl is leaving the organization to pursue other interests, and he has agreed to stay on as an advisor for 30 days to ensure a smooth transition. Meanwhile, sources reported that Stahl is moving out following four years of losses. Stahl became the company's Chief Executive Officer in February 2002, replacing Jeffrey Nugent. Kennedy would be the third CEO since 1999. Revlon, controlled by financier Ronald Perelman, hasn't reported an annual profit since 1997, and Nugent's cost cutting and new product introductions also didn't generate profits. The company, which is selling products under its own name and the Almay brand, has $2.09 billion in total liabilities, including $1.4 billion in long-term debt as of June 30. In addition, Stahl delayed selling $75 million in stock, and instead, secured an additional $100 million in bank loans on July 28 on top of the company's existing borrowings, sources said. The company is also facing tough competition from rivals such as L'Oreal and Procter & Gamble's Cover Girl. On August 3, Revlon reported disappointing performance in the second quarter, in which its loss more than doubled as sales of two new products, Vital Radiance and Almay, didn't meet the company's targets. Though quarterly revenues were up by 1%, it was offset by about $17 million of Vital Radiance returns, the company said. According to analyst Kimberly Nolan of York-based bond-research firm Gimme Credit Publications Inc., "The company hasn't been making any money.'' Stahl "was hired to do a turnaround because the company hasn't been doing well for many years. He didn't achieve the turnaround," Nolan noted. Credit Suisse analyst Filippe Goossens opined that in today's landscape, even an extra $100 million infusion from the company's owner Perelman "is a tear drop on a hot plate," Revlon "has the wrong balance sheet". "As long as that doesn't get fixed, the company won't get fixed," Goossens added. In the past five years, Revlon shares lost 80%, hovering at about $1.35. Since Stahl assumed the post of Chief Executive Officer, the company's stock dropped 67%. On Monday, the company's shares were down $0.02 at $1.41, on the New York Stock Exchange. new.quote.com The rest of the story! Perelman's personal life has been just as rocky. The father of six children, he has been married four times, and divorced three. His third wife, Patricia Duff, is a socialite and friend of former President Bill Clinton; their divorce in 1996 was particularly bitter and costly. And through this connection, Perelman, a high-profile Democrat, made a rather unfortunate mark on national politics: it was he who helped get Monica Lewinsky her infamous White House internship. askmen.com