DOW JONES NEWSWIRES

Avon Products Inc. (AVP) President Elizabeth Smith is leaving the direct cosmetics seller, effective Oct. 30, in the hopes of becoming a chief executive somewhere else.

Chairman and Chief Executive Andrea Jung will assume most of Smith's responsibilities. The company doesn't plan to replace her.

The company is undergoing a years-long restructuring that includes broad job cuts, while weakened consumer spending has hurt its North American sales and foreign exchange has hurt income abroad. Jung has previously said the positive effects of the changes will show up in the second half of the year.

Smith joined the company in January 2005 after spending 14 years at Kraft Foods Inc. (KFT).

Avon shares closed Wednesday at $32.69 and weren't active premarket. The stock is up 36% this year even as the company has been posting weaker results.

-By Joan E. Solsman, Dow Jones Newswires; 212-416-2291; joan.solsman@dowjones.com