Avon Chair Andrea Jung to Step Down

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By Trey Thoelcke Published
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Avon Products Inc. (NYSE: AVP) announced today that Andrea Jung will step down as executive chairman and member of the beauty company’s board of directors at the end of the year. She will continue in an advisory role starting next year.

Jung will be succeeded by Fred Hassan, who is currently lead independent director, as well as a managing director and partner at Warburg Pincus and the former CEO of Schering-Plough.

The beauty-products company separated the roles of chief executive and chairman when the board ousted Jung in favor of former Johnson & Johnson (NYSE: JNJ) executive Sherilyn McCoy earlier this year. Jung had been CEO since 1999. Her image as one of the best chief executives of a large public company remained untarnished until last year, when Avon’s earnings were battered and questions about the bribery problems in China arose.

The company is reassessing its long-range business plan and has planned some layoffs and other cost savings to stabilize results in the near term.

Shares are up about 6% to $17.20 in early trading. The 52-week range is $14.45 to $23.94.

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About the Author Trey Thoelcke →

Trey has been an editor and author at 24/7 Wall St. for more than a decade, where he has published thousands of articles analyzing corporate earnings, dividend stocks, short interest, insider buying, private equity, and market trends. His comprehensive coverage spans the full spectrum of financial markets, from blue-chip stalwarts to emerging growth companies.

Beyond 24/7 Wall St., Trey has created and edited financial content for Benzinga and AOL's BloggingStocks, contributing additional hundreds of articles to the investment community. He previously oversaw the 24/7 Climate Insights site, managing editorial operations and content strategy, and currently oversees and creates content for My Investing News.

Trey's editorial expertise extends across multiple publishing environments. He served as production editor at Dearborn Financial Publishing and development editor at Kaplan, where he helped shape financial education materials. Earlier in his career, he worked as a writer-producer at SVE. His freelance editing portfolio includes work for prestigious clients such as Sage Publications, Rand McNally, the Institute for Supply Management, the American Library Association, Eggplant Literary Productions, and Spiegel.

Outside of financial journalism, Trey writes fiction and has been an active member of the writing community for years, overseeing a long-running critique group and moderating workshop sessions at regional conventions. He lives with his family in an old house in the Midwest.

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