NEW YORK, Oct. 5, 2012 /PRNewswire/ -- Avon Products, Inc.
(NYSE: 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.
SOURCE Avon Products, Inc.