Avon Products (NYSE: AVP), recently named one of 24/7 Wall St.’s Worst Managed Companies, fired its CEO Andrea Jung.
In a statement, Avon’s board remarked,
that Andrea Jung , Avon ‘s Chairman and CEO, will be named Executive Chairman, and that a committee of the Board of Directors will work with Ms. Jung to undertake an external search for a Chief Executive Officer.
In its evaluation of Avon, 24/7 Wall St. wrote:
Avon’s (NYSE: AVP) management has taken one of the greatest franchise operations in the world and nearly ruined it. The company has bungled its move into markets like China, where the company faces a bribery probe. Revenue growth in emerging markets, such as Brazil and Russia, has faltered. When it announced third-quarter earnings, Avon said it could no longer support its guidance for the balance of the year. The news caused several analysts to downgrade the company’s financial prospects and its stock. CEO Andrea Jung said Avon would continue to seek solutions through another of her interminable restructurings of personnel and operations. Just after Avon announced financial results, it disclosed an SEC investigation into improper contacts between the company’s management and Wall St. analysts.
Douglas A. McIntyre
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