Avon Executive Chairman Andrea Jung to Step Down

Andrea Jung informed the Board of Directors that she will step down as Executive Chairman and Board member of Avon Products, Inc., effective December 31, 2012 after a successful transition to new leadership under CEO Sheri McCoy. Jung will continue as a senior advisor to the Board beginning on January 1, 2013.

 

"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," Jung says. "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."

 

Fred Hassan, currently lead independent director, will succeed Jung next year and assume the position of non-executive chairman on January 1. Hassan is a managing director and partner at Warburg Pincus and the former chairman and CEO of Schering-Plough Corp.

 

"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,” Jung says.

 

"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,” Hassan states. “We look forward to continue to work with Andrea in her role as a senior advisor."