Avon Announces Changes to Board of Directors
NEW YORK, April 26, 2013 /PRNewswire/ -- Avon Products, Inc. (NYSE: AVP) announced today that Fred Hassan has resigned from the Avon Board of Directors in order to focus more time on his other professional commitments. Mr. Hassan serves as a non-executive chairman of Bausch + Lomb and is a Managing Director, Partner at Warburg Pincus LLC. He also serves on the Board of Time Warner, Inc.
Doug Conant, who currently serves on the Board, has been elected to the position of non-executive Chairman. Both are effective immediately.
"Avon is a great company and I am honored to have served on the Board of Directors," said Mr. Hassan. "However, 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."
"On behalf of the Avon Board, I thank Fred for his loyal and dedicated service," said Mr. Conant. "I look forward to taking on the role of Chairman and, together with Sheri and my Board colleagues, continuing our work of improving the company's performance."
"Fred has been a good partner to me as I transitioned into my role as CEO of Avon and I thank him for his support. On behalf of Avon's associates, we wish him success," said Sheri McCoy, CEO of Avon. "I welcome Doug to his new role and look forward to working closely with him as we continue to make progress in Avon's turnaround."
Mr. Conant served as President and Chief Executive Officer and as a member of the Board of Directors of the Campbell Soup Company from January 2001 to July 2011. Previously he served as President of Nabisco Foods Company from 1995 to 2000, having joined Nabisco in 1992 and served as President of Sales; Senior Vice President, Marketing for The Nabisco Biscuit Company; and Vice President/General Manager of the Fleischmann's Company. Mr. Conant is founder and currently serves as the Chief Executive Officer of ConantLeadership, a company dedicated to improving the quality of leadership in the 21st century. He serves on the board of AmericsourceBergen Corporation.
The Board also appointed Kimberly Ross, Chief Financial Officer of Avon, to the Board of Directors, effective May 2, 2013. This action was taken in order to maintain the minimum number of Directors required by Avon's by-laws. It is the Board's intent that Ms. Ross will step down from the Board once a new independent director has been appointed. An independent director search is currently underway.
Avon, the company for women, is a leading global beauty company, with nearly $11 billion in annual revenue. As one of the world's largest direct sellers, Avon is sold through more than 6 million active independent Avon Sales Representatives. Avon products are available in over 100 countries, and the product line includes color cosmetics, skincare, fragrance, fashion and home products, featuring such well-recognized brand names as Avon Color, ANEW, Skin-So-Soft, Advance Techniques, and mark. Learn more about Avon and its products at www.avoncompany.com.
SOURCE Avon Products, Inc.