Avon Chair Andrea Jung to Step Down

Updated

Avon Products Inc. (NYSE: AVP) announced today that Andrea Jung will step down as executive chairman and member of the beauty company's board of directors at the end of the year. She will continue in an advisory role starting next year.

Jung will be succeeded by Fred Hassan, who is currently lead independent director, as well as a managing director and partner at Warburg Pincus and the former CEO of Schering-Plough.

The beauty-products company separated the roles of chief executive and chairman when the board ousted Jung in favor of former Johnson & Johnson (NYSE: JNJ) executive Sherilyn McCoy earlier this year. Jung had been CEO since 1999. Her image as one of the best chief executives of a large public company remained untarnished until last year, when Avon's earnings were battered and questions about the bribery problems in China arose.

The company is reassessing its long-range business plan and has planned some layoffs and other cost savings to stabilize results in the near term.

Shares are up about 6% to $17.20 in early trading. The 52-week range is $14.45 to $23.94.


Filed under: 24/7 Wall St. Wire, Consumer Goods, Corporate Governance, Management Change Tagged: AVP, featured

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