Avon Products Inc. (AVP) said Chairman Fred Hassan, known in the
industry as a savvy deal maker, has resigned from the board, just
months after taking the chairman post.
Mr. Hassan stepped down to "focus more time on his other
professional commitments," the beauty-products company said.
Mr. Hassan also serves as non-executive chairman of eye-care
company Bausch & Lomb Holdings Inc.--which is currently
planning to go public--and is a partner at private-equity firm
Warburg Pincus.
"My other professional commitments have intensified, requiring
more focus. So I have decided it is in the best interest of Avon
for one of my board colleagues to take on the chairmanship," Mr.
Hassan said in a statement.
Current board member Doug Conant has been elected to the
position of non-executive chairman, Avon said. He is the former CEO
of Campbell Soup Co. (CPB).
Mr. Hassan started as Avon's chairman at the beginning of the
year, taking over for embattled former chief executive Andrea Jung.
His move into the chairman role and previous achivements--such as
orchestrating the sale of Schering-Plough to Merck & Co. (MRK)
for nearly $50 billion in 2009--was viewed favorably by
investors.
Avon has faced deep investor dissatisfaction in the last year as
it failed to deal quickly with poor results in important overseas
markets, as well as a messy federal probe into allegations of
bribery of officials overseas.
Shares, which closed Thursday at $22.35, were inactive
premarket. The stock is up 56% since the start of the year.
Write to Mia Lamar at mia.lamar@dowjones.com
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