BUSINESS MEMO: NEW REVLON 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 facelift.

Revlon's top executive, George Fellows, submitted his resignation to the board after more than a year of dismal performance and a failed attempt to find a buyer.

Revlon, which makes Revlon and Almay makeup, Flex shampoo and Charlie perfume, is trying to fix inventory problems at drugstore cosmetics counters. The company also is trying to sell its professional hair-care products business, and some Latin American brands to pay down its $1.83 billion in debt.