Revlon Hires New President, Chief Executive

Revlon Inc. has hired Jeffrey M. Nugent as president and chief executive, hoping the former president of Neutrogena Corp. can give the cosmetics and hair-care products company a face lift. Revlon’s current top executive, George Fellows, 56, submitted his resignation to the board after more than a year of dismal performance and a failed attempt to find a buyer. Revlon makes Revlon and Almay makeup, Flex shampoo and Charlie perfume. The company has seen its stock price nose dive 68% since its high in June. Revlon’s stock rose 25 cents to close at $10.63 on the NYSE. Nugent served in various senior management positions at Johnson & Johnson, which owns Neutrogena. Nugent, 53, will take his new posts with the New York-based company Dec. 5.