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Avon Executive Chairman Andrea Jung To Step Down From Board At Year End After Successful Transition; Will Continue As Senior Advisor

Stocks in this article: AVP









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."

About Avon 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.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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