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Avon Announces Management Changes

Posted: September 11, 2007

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"Liz will work closely with me in her newly-created role to ensure that we effectively operationalize the matrix and fully leverage our global capabilities as we continue to move forward with the turnaround," Jung said.

The company also announced that Charles (Chuck) Cramb—formerly executive vice president, finance and technology, and CFO—has been appointed to the position of vice chairman, chief finance and strategy officer. Cramb will continue to provide strategic leadership of Avon's restructuring and cost containment initiatives as part of the company's current turnaround plan. In addition, he will now assume broader responsibility for longer-term strategic planning and business development, helping to define the company's next phase of growth. Cramb will continue to report to Jung.

"Since he joined Avon two years ago, Chuck has been an invaluable business partner, and has made significant contributions to our company's successful turnaround effort," said Jung. "Chuck led the development of Avon's current restructuring and financial transformation programs which are helping fuel a major acceleration in our growth investments.

"Going forward, Chuck will remain focused on overseeing the implementation of this plan, and he will also now work more closely with me to address longer-range strategic opportunities as we continue to build a strong foundation for future growth."

In light of Smith's expanded responsibilities, the company named Andrea Slater, formerly the president of Avon U.K., to the position of president, Avon U.S., reporting to Smith. A 17-year Avon veteran, Slater, according to an Avon statement, is one of the company's most experienced and innovative marketers and an expert in building and sustaining momentum among the company's sales representatives. Most recently, she has led the strong performance of Avon U.K., a developed market facing similar competitive challenges as the U.S.