By Kristin Jones
Avon Products Inc.'s (AVP) general counsel and chief compliance
officer, Kim Rucker, will leave the company to take an executive
position at Kraft Foods Inc. (KFT), the companies said.
Ms. Rucker, 45 years old, will become executive vice president
of corporate and legal affairs at Kraft Foods North America. She
will also become general counsel and corporate secretary for Kraft
Foods Group, Inc. and a member of the management team after the
company is launched in a planned spinoff later this year.
"Kim's extensive experience providing strong strategic and legal
counsel to boards of directors, CEOs and executive teams of large
public companies will be invaluable as we become a stand-alone
entity," said Kraft Food Groups' future chief executive, Tony
Vernon.
Avon said it will begin an external search for a new general
counsel and said Chief Executive Sheri McCoy is working with Ms.
Rucker on an interim transition plan for the company's legal
organization.
Ms. Rucker joined Avon in 2008 and will stay with the company
until Aug. 17.
The move comes in a year of tumult for the struggling cosmetics
company. Avon named Ms. McCoy its chief executive earlier this year
as the company was fighting off a high-stakes buyout from fragrance
maker Coty Inc. Coty pulled its $10.7 billion acquisition bid in
May.
Kraft Foods shares were down fractionally at $40.15 in
after-hours trading, and are up 7.6% so far this year.
Avon shares were down slightly at $16.50 in late trading and are
down 4.9% year-to-date.
Write to Kristin Jones at kristin.jones@dowjones.com
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