NEW YORK, April 26, 2013 /PRNewswire/ -- Avon
Products, Inc. (NYSE: AVP) announced today that Fred Hassan has resigned from the Avon Board of Directors in order to focus more
time on his other professional commitments. Mr. Hassan serves
as a non-executive chairman of Bausch + Lomb and is a Managing
Director, Partner at Warburg Pincus LLC. He also serves on
the Board of Time Warner, Inc.
Doug Conant, who currently serves
on the Board, has been elected to the position of non-executive
Chairman. Both are effective immediately.
"Avon is a great company and I
am honored to have served on the Board of Directors," said Mr.
Hassan. "However, my other professional commitments have
intensified, requiring more focus. So I have decided it is in
the best interest of Avon for one
of my Board colleagues to take on the
Chairmanship."
"On behalf of the Avon Board, I
thank Fred for his loyal and dedicated service," said Mr.
Conant. "I look forward to taking on the role of Chairman
and, together with Sheri and my Board colleagues, continuing our
work of improving the company's performance."
"Fred has been a good partner to me as I transitioned into my
role as CEO of Avon and I thank
him for his support. On behalf of Avon's associates, we wish him success," said
Sheri McCoy, CEO of Avon. "I
welcome Doug to his new role and look forward to working closely
with him as we continue to make progress in Avon's turnaround."
Mr. Conant served as President and Chief Executive Officer and
as a member of the Board of Directors of the Campbell Soup Company
from January 2001 to July 2011. Previously he served as
President of Nabisco Foods Company from 1995 to 2000, having joined
Nabisco in 1992 and served as President of Sales; Senior Vice
President, Marketing for The Nabisco Biscuit Company; and Vice
President/General Manager of the Fleischmann's Company. Mr.
Conant is founder and currently serves as the Chief Executive
Officer of ConantLeadership, a company dedicated to improving the
quality of leadership in the 21st century. He serves on the
board of AmericsourceBergen Corporation.
The Board also appointed Kimberly
Ross, Chief Financial Officer of Avon, to the Board of Directors, effective
May 2, 2013. This action was
taken in order to maintain the minimum number of Directors required
by Avon's by-laws. It is the
Board's intent that Ms. Ross will step down from the Board once a
new independent director has been appointed. An independent
director search is currently underway.
Avon, the company for women, is
a leading global beauty company, with nearly $11 billion in annual revenue. As one of
the world's largest direct sellers, Avon is sold through more than 6 million
active independent Avon Sales Representatives. Avon products are available in over 100
countries, and the product line includes color cosmetics, skincare,
fragrance, fashion and home products, featuring such
well-recognized brand names as Avon Color, ANEW, Skin-So-Soft,
Advance Techniques, and mark. Learn more about Avon and its products at
www.avoncompany.com.
SOURCE Avon Products, Inc.