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Avon Products Executive Chairman Will Step Down at End of Year

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Avon Products, Inc. (NYSE: 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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