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Avon Products, Inc.
AVP today
announced that Andrea Jung has informed the Board of Directors that she will
step down as Executive Chairman and Board member, effective December 31, 2012
after a successful transition to new leadership under CEO Sheri McCoy. Ms.
Jung will continue as a senior advisor to the Board beginning on January 1,
2013.
Fred Hassan, currently lead independent director, will succeed Ms. Jung next
year and assume the position of non-executive Chairman on January 1. Mr.
Hassan is a managing director and partner at Warburg Pincus and the former
Chairman and Chief Executive Officer of Schering-Plough Corp.
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