Avon Products, Inc. announced Andrea Jung has informed the company's board of directors that she will step down as executive chairman and board member, effective Dec. 31, 2012, after a successful transition to new leadership under CEO Sheri McCoy. She will continue as a senior advisor to the board beginning on Jan. 1, 2013.
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.
"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 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."
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."
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."