NEW YORK, Oct. 5, 2012 /PRNewswire/ -- Avon Products, Inc. (AVP)
today announced that Andrea Jung has informed the Board of Directors
that she will step down as Executive Chairman and Board member,
effective December 31, 2012 after a successful transition to new
leadership under CEO Sheri McCoy. Ms. Jung will continue as a senior
advisor to the Board beginning on January 1, 2013.
Fred Hassan, currently lead independent director, will succeed Ms.
Jung next year and assume the position of non-executive Chairman on
January 1. Mr. Hassan is a managing director and partner at Warburg
Pincus and the former Chairman and Chief Executive Officer of
Schering-Plough Corp.
"My decision reflects the successful transition to new leadership. I
believe the end of the year is the appropriate time for me to shift my
role from Executive Chairman to senior advisor," Ms. Jung said. "It has
been a great privilege to serve the company over the past two decades,
most notably the millions of Avon Representatives and thousands of
Associates around the world. I look forward to supporting the Avon Board
of Directors."
Ms. Jung continued, "Fred's experience and leadership on the Avon
Board, and his unusual record of leading turnarounds at world-class
companies over his distinguished career make him ideally suited to take
on the independent Chairman role."
Mr. Hassan said, "On behalf of the Board, I want to thank Andrea for
her many years of service to the company as she helped make Avon an
iconic beauty leader with an unrivaled global footprint and a preeminent
force for women's economic empowerment. We look forward to continue to
work with Andrea in her role as a senior advisor."
About Avon
Avon, the company for women, is a leading global beauty company, with
over $11 billion in annual revenue. As the world's largest direct
seller, Avon markets to women in more than 100 countries through over 6
million active independent Avon Sales Representatives. Avon's product
line includes beauty products, as well as fashion and home products, and
features such well-recognized brand names as Avon Color, ANEW, Skin-So-Soft, Advance Techniques, Avon Naturals, and mark. Learn more about Avon and its products at www.avoncompany.com.
