Avon Taps Former SABMiller Executive as Finance Chief
December 01 2016 - 9:00AM
Dow Jones News
Avon Products Inc. on Thursday named Jamie Wilson, a former
executive at brewer SABMiller PLC, to be Avon's chief financial
officer, making him its third head of finance in the past three
years.
The move is effective Jan. 1. James Scully, who currently serves
as both CFO and chief operating officer, will remain in the COO
role through 2017 and continue work on Avon's three-year
transformation plan outlined this year, which includes trimming
costs.
Mr. Wilson will earn an annual base salary of £ 550,000
($645,730) pounds and work out of Avon's new U.K. headquarters,
which the company expects to be fully operational in January.
Mr. Wilson previously was CFO at SABMiller from 2011 to 2015,
when he resigned citing personal reasons. His departure came at a
critical time for SABMiller and the beer industry as a whole amid a
period ripe for consolidation. Indeed, months after Mr. Wilson's
resignation, Anheuser-Busch InBev NV won over SABMiller's board
with a roughly $100 billion takeover deal, which was completed this
fall.
Mr. Scully became CFO in 2015, following the departure of
Kimberly Ross in 2014. Mr. Scully came to Avon from J. Crew Group
Inc., where he worked for a decade, nearly two years of which he
served as J. Crew's chief operating officer.
Avon, which sells cosmetics, perfumes and accessories through a
network of roughly six million representatives world-wide, reported
in November it swung to a profit in its third quarter. Avon stock,
which has climbed 54% in the past 12 months, was inactive
premarket.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
December 01, 2016 08:45 ET (13:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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