Avon Executive Chairman Andrea Jung to Step Down from Board at Year End after Successful Transition; Will Continue as Senior Advisor Fred Hassan to become Non-Executive Chairman on January 1, 2013
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."
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.