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Jung to Step Down at Avon
Posted: October 5, 2012
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."