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Avon Announces Management Realignments

Avon Products, Inc. announced a comprehensive management realignment to enhance the company's operational and executional effectiveness. The reorganization, the company's most significant since it reduced management layers in 2005, provides added management depth and increased operational oversight of its commercial business units and also reflects leadership changes in the company's priority geographies.

"Avon continues to have significant growth opportunities across our global geographic portfolio. Our goal is to capture these opportunities by realigning our top management talent, and also through strategic new hires that bring added management capabilities," said Andrea Jung, chairman and CEO, Avon. "The reduction in management layers in 2005 set the stage for renewed growth by enabling us to be faster and nimbler, but since then our business has grown significantly and become increasingly complex. The realigned management structure reflects this new reality and is designed to enhance operational rigor and better position us to execute effectively across the portfolio."

As part of the reorganization, the company said it is repositioning its six commercial business units into two major business groups: the developed market group and the developing market group. In connection with these changes, Avon announced the following senior management appointments, effective March 1:

Charles Cramb, vice chairman, chief finance and strategy officer, has been named vice chairman of Avon's developed market group, which is comprised of the commercial business units of North America and Western Europe, Middle East and Africa.

Charles Herington, executive vice president, Latin America and Central and Eastern Europe, has been named executive vice president of Avon's developing market group, which includes the commercial business units of Latin America, Central and Eastern Europe, and Asia-Pacific (which will now include China).

In addition, Avon announced today that an external search is underway for a new CFO. These three executive positions will report directly to Jung. And in a series of related changes, the company announced the following leadership appointments for its commercial business units:

Developed Market Group Changes

Jorge Martinez-Quiroga has been named senior vice president and commercial business unit leader, Avon North America. Anna Segatti has been named senior vice president and commercial business unit leader, Western Europe, Middle East and Africa.

Developing Market Group Changes

The company said an external search is underway for a new commercial business unit leader to oversee Latin America, its largest region.

Srdjan Mijuskovic has been named senior vice president and commercial business unit leader for Central and Eastern Europe. Also in Central and Eastern Europe, Angela Cretu assumes the position of general manager, Avon Russia. Bob Briddon has been named senior vice president and commercial business unit leader, Asia-Pacific.

"With these changes, we are capitalizing on the enormous talents of a very diverse and seasoned group of executives to strengthen regional and country leadership across our global portfolio," said Jung. "We are also rebuilding a team of dedicated commercial business unit leaders consistent with our focus on executional excellence and operational rigor going forward."