Revlon Inc., the cosmetics maker controlled by financier Ronald Perelman, ousted Chief Executive Officer Jack Stahl following four years of losses, replacing him with finance chief David Kennedy.

Mr. Stahl departed to pursue other interests, New York-based Revlon said today in a statement, without providing more details. Mr. Stahl, hired in 2002, will stay on as an adviser for 30 days. Mr. Kennedy, 59, also joined Revlon in 2002 as president of Revlon International and became chief financial officer in March.

Revlon, maker of cosmetics sold under its own name and the Almay brand, has posted losses for eight consecutive years, and Mr. Kennedy will be the third CEO since 1999. Revlon is saddled with almost $1.7 billion in debt and faces competition from larger rivals such as L’Oreal SA and Procter & Gamble Co.’s Cover Girl.

“This looks to be a case of Revlon’s board looking for a change in leadership,” an Atlanta-based analyst at Sun-Trust Robinson Humphrey, William Chappell, wrote today in a note.

Shares of Revlon fell 2 cents, or 1.4%, to $1.41 at 4:02 p.m. in New York Stock Exchange composite trading. Revlon’s stock has dropped 65% since Mr. Stahl, 53, became CEO.

In 2004, Revlon extended Mr. Stahl’s contract to expire in 2008, said Michael Gross, an outside spokesman for Revlon. On August 7, Mr. Stahl bought 250,000 Revlon shares trading between 96 cents and $1.03.

The stock purchase “we doubt would have occurred if he planned a nearterm departure,” wrote Mr. Chappell.