NEW YORK, Sept. 8, 2016 /PRNewswire/ -- Avon Products,
Inc. (NYSE: AVP) today announced the election of Jose Armario to its Board of Directors,
effective September 6, 2016. Mr.
Armario will serve on the Compensation and Management Development
Committee.
Mr. Armario served in a variety of leadership roles at
McDonald's Corporation for nearly two decades, retiring in
2015. His roles at McDonald's included Group President,
Latin America and Canada, and President and International
Relationship Partner, Latin
America. Mr. Armario is credited with leading the
company's turnaround in Latin
America and was responsible for driving improved business
results and expansion in Canada,
in addition to leading international franchising. Mr.
Armario's final role at McDonald's was as Executive Vice President,
Worldwide Supply Chain, Development and Franchising of McDonald's
Corporation. Mr. Armario was responsible for the strategy,
execution and results of each department's key goals, including
$25 billion in supply chain purchases
globally on a yearly basis, one billion in new store capital for
growth in key markets and helping establish the right ownership
strategy across all geographies.
Prior to joining McDonald's, Mr. Armario held roles of
increasing responsibility at Lenscrafters, Inc. and Burger King
Corporation, where he started his career. Mr. Armario has
served on the Board of USG Corporation since 2007, where he is on
the Audit Committee and Compensation and Organization Committee. He
also serves on the President's Council of the University of Miami (FL). Mr. Armario earned an
associate's degree in business administration from Miami Dade College and an M.S. in professional
management from the University of Miami
School of Business.
"I'm delighted that Jose is joining the Avon Board," said Sheri McCoy, Avon's Chief Executive Officer. "He has
first-hand consumer experience in many of Avon's most important markets and his insights
will be very valuable as we continue to execute our transformation
plan."
"We are very excited to welcome Jose to Avon's Board," said Chan W. Galbato, non-executive Chairman of the
Board. "Jose brings over 30 years of global experience, having led
large, complex operations, as well as having held more hands-on
regional roles, including a significant focus on Latin America. This will be a great asset to
Avon as we grow our business in
global markets."
Mr. Armario stated, "I am pleased to join the Board of this
global, iconic brand, and look forward to working with my fellow
Board members as well as the executive team during such a dynamic
time. Avon's rich history is
particularly important to me personally, as my own mother spent
several years as an Avon
Representative upon immigrating to the
United States from Cuba."
As previously announced, Avon
reconstituted its Board of Directors at the close of its strategic
partnership transaction with Cerberus Capital Management, L.P. Mr.
Armario is the second of two independent directors who were jointly
selected by Avon and Cerberus
under the terms of the transaction. The selection of Mr.
Armario comes as part of an agreement reached with Barington
Capital Group, L.P. ("Barington") in March
2016, in which Barington was granted the right to approve
the election of this second independent director to
the Avon Board. The addition of Mr. Armario
increases the size of the Avon
Board from ten to eleven members, all of whom are elected
annually.
About Avon Products, Inc.
Avon is the Company that for 130 years has
proudly stood for beauty, innovation, optimism and, above all,
women. Avon products include
well-recognized and beloved brands such as ANEW, Avon Color, Avon
Care, Skin-So-Soft, and Advance Techniques. Sold through nearly 6
million active independent Avon Sales Representatives, Avon products delight consumers in
approximately 70 countries worldwide. Learn more about Avon and its products at
www.avoncompany.com.
About Cerberus Capital Management, L.P
Established in
1992, Cerberus is one of the world's leading private investment
firms. Cerberus has approximately $30
billion under management invested in four primary strategies:
operational private equity; real estate-related investments;
commercial mid-market lending, and distressed securities and
assets. From its headquarters in New York City and
offices in the U.S., Europe and Asia, Cerberus has the
on-the-ground presence, including both investment personnel and
members of its Operations Team, to invest in multiple industry
sectors, through multiple investment strategies, in countries
around the world.
About Barington Capital Group, L.P.
Barington Capital Group, L.P. is an investment firm that,
through its affiliates, manages a value-oriented, activist
investment fund that was established by James A.
Mitarotonda in January 2000. Barington and its
principals are experienced value-added investors who have taken
active roles in assisting companies in creating or improving
long-term shareholder value.
Forward-Looking Statements
Statements in this release
that are not historical facts may be forward-looking statements
that involve risks and uncertainties that could cause actual
results to differ materially. These risks and uncertainties are
detailed from time to time in reports filed by Avon Products, Inc.
with the Securities and Exchange Commission, including Forms 8-K,
10-Q, and 10-K. Some forward-looking statements in this release
include and concern our transformation plan and business
strategies. These forward-looking statements involve risks,
uncertainties and other factors, which may cause the actual
results, levels of activity, performance or achievement of
Avon to be materially different
from any future results expressed or implied by such
forward-looking statements. These risks and uncertainties include,
but are not limited to, our ability to improve our financial and
operational performance, our ability to achieve the anticipated
benefits of our strategic partnership with Cerberus, the impact of
a continued decline in our business results, the possibility of
business disruption, competitive uncertainties, and general
economic and business conditions in our markets, including
fluctuations in foreign currency exchange rates. Any
forward-looking statements speak only as of the date they are made.
The Company does not undertake to update any such forward-looking
statements.
CONTACTS:
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MEDIA:
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INVESTORS:
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Brunswick
Group
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Gina Grant
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Claudia
Gray
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investor.relations@avon.com
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212-333-3810
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212-282-5320
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SOURCE Avon Products, Inc.