The cosmetic marketer's new president-CEO, David Kennedy -- tellingly, the former chief financial officer -- is sweeping out 250 jobs, among them several executives from Mr. Stahl's team, notably CMO Stephanie Klein-Peponis; Chief Creative Officer Rochelle Udell; and Revlon Director-Marketing Maura Mottolese. No successors were named; the company said brand managers would report to Mr. Kennedy. A spokeswoman did not return calls for comment by press time.
According to an executive close to Revlon, the cuts are a part of Mr. Kennedy's strategy to develop a more cost-effective structure. "We were fat in terms of senior-level marketers," the executive said. The team is also likely taking the fall for the failure of a multitude of recent efforts intended to turn the company around, among them the launch of the Vital Radiance brand aimed at older women.
Revlon had put more than $17mil in media behind the new line, but they're dumping it now:
Mr. Kennedy said the company has decided to discontinue the line, taking a negative hit of $110 million, figuring it was unlikely to receive space at Revlon's "best [retail] accounts." Instead of building Vital Radiance, the investment saved will be used to leverage the mainstay Revlon brand, he said.