Ron Perelman reportedly plans to name former Coca-Cola ( KO) executive Jack Stahl to replace Revlon ( REV) Chief Executive Jeffrey Nugent.

Stahl's contract to run the cosmetics giant is still being ironed out and could still fall through, The Wall Street Journal reported.

Perelman, whose holding company owns 83% of Revlon, has reportedly been upset with some of the company's advertising, but as recently as October had praised Nugent's turnaround efforts for the firm.

Six months ago, he began to search for a successor to Nugent, or a strong No. 2, the Journal said, citing a source close to the situation.