Cathy D. Ross Named to Avon Products, Inc. Board of Directors

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Mar 28, 2016, 06:45 ET

NEW YORK, March 28, 2016 /PRNewswire/ -- Avon Products, Inc. (NYSE: AVP) today announced the election of Cathy D. Ross to its Board of Directors, effective March 24, 2016. Ms. Ross will serve on the Audit Committee and will stand for election at the Company's 2016 Annual Meeting of Shareholders.

Until her retirement in 2014, Ms. Ross served as Executive Vice President and Chief Financial Officer of FedEx Express, FedEx Corporation's largest global operating unit, which accounted for over half of the company's $47 billion in annual revenues. During her career at FedEx Express, Ms. Ross gained extensive financial and operational experience. As Chief Financial Officer of FedEx Express, she was responsible for a finance team of approximately 5,000 employees worldwide and worked closely with the FedEx Express senior operations leaders. Ms. Ross led the company through a transformation of its cost structure, resulting in significant improvements in profits. From an operations perspective, she was heavily involved in the creation of multiple shared service centers in Singapore, China, India and Poland, and also helped FedEx Express in its mergers and acquisitions endeavors in target geographic areas, such as Brazil, South Africa, China and Mexico. Ms. Ross served in a variety of other financial roles, including Senior Vice President and Chief Financial Officer for FedEx Express from 2004 to 2010 and Vice President for Express Financial Planning from 1998 to 2004. Prior to joining FedEx, Ms. Ross held roles of increasing responsibility at Kimberly-Clark Corporation and Buckeye Cellulose, then a subsidiary of The Procter & Gamble Company. Ms. Ross has served on the Board of Directors of Michigan-based Steelcase, Inc. since 2006, where she is on the Audit Committee and was a past Audit Committee Chair. Ms. Ross earned a Bachelor of Science degree in accounting from Christian Brothers University and a MBA in Finance from the University of Memphis.

"Following a thorough search process, we are thrilled to welcome someone of Cathy's caliber to Avon's Board," said Chan W. Galbato, non-executive Chairman of the Board. "Cathy possesses a high degree of financial expertise as well as global operating experience that we believe will be tremendous assets as the Company grows its business in markets around the world. Cathy brings valuable knowledge to Avon's newly reconstituted Board and Audit Committee, and the entire Board looks forward to benefiting from her insights and experience as we address opportunities for the business in the future."

"I'm extremely pleased to have Cathy join the Avon Board and know that she will be a valuable addition," said Sheri McCoy, Avon's Chief Executive Officer. "Her strong leadership, finance and operational experience will allow her to make immediate contributions as we continue to execute the Company's transformation plan."

Ms. Ross stated, "I am pleased to join the Avon Board at such an important time in the Company's history. Avon is an iconic global brand and I look forward to working with Board members, Sheri and the management team as the Company continues to pursue its strategic and financial objectives."

As previously announced, Avon reconstituted its Board of Directors at the close of its strategic partnership transaction with Cerberus Capital Management, L.P. Ms. Ross is one of the two independent directors who are being jointly selected by Avon and Cerberus under the terms of the transaction. The addition of Ms. Ross increases the size of the Avon Board from nine to ten members, all of whom are elected annually.

About Avon Products, Inc.

Avon is the Company that for 130 years has proudly stood for beauty, innovation, optimism and, above all, women. Avon products include well-recognized and beloved brands such as ANEW, Avon Color, Avon Care, Skin-So-Soft, and Advance Techniques. Sold through nearly 6 million active independent Avon Sales Representatives, Avon products delight consumers in approximately 70 countries worldwide. Learn more about Avon and its products at www.avoncompany.com.

Forward-Looking Statements

Statements in this release that are not historical facts may be forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are detailed from time to time in reports filed by Avon Products, Inc. with the Securities and Exchange Commission, including Forms 8-K, 10-Q, and 10-K. Some forward-looking statements in this release include and concern our transformation plan and business strategies. These forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, levels of activity, performance or achievement of Avon to be materially different from any future results expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, our ability to improve our financial and operational performance, our ability to achieve the anticipated benefits of our strategic partnership with Cerberus, the impact of a continued decline in our business results, the possibility of business disruption, competitive uncertainties, and general economic and business conditions in our markets, including fluctuations in foreign currency exchange rates. Any forward-looking statements speak only as of the date they are made. The Company does not undertake to update any such forward-looking statements.