04.11.12
The top brass at Avon may have said "no thanks," but Bart Becht and the Coty Gang aren't taking no for an answer.
Coty chairman Bart Becht is scheduled to speak to Avon investors on Monday, during a call hosted by Sanford C. Bernstein & Co. analyst Ali Dibadj. The call remains on the calendar, said a Coty spokesman on Tuesday, despite being scheduled prior to Avon on Monday naming Sheri McCoy as its CEO, effective April 23. McCoy, who will report to the board, takes the reins from Avon’s embattled chief Andrea Jung, who will assume the role of executive chairman. Analysts say that the appointment of McCoy means that a deal for Avon is less likely.
However, that's not stopping an old rival from making a pitch at Avon. According to reports,Richmont Holdings, a former Avon shareholder, is preparing a takeover offer. Richmont Chairman John Rochon had unsuccessfully tried to buy Avon in the late 1980s.
Meanwhile, according to filings with the Securities and Exchange Commission, the new Avon CEO will receive an annual salary of $1.2 million and a sign-on bonus of $1.9 million.
She could also potentially make 150% of her base salary in an annual cash incentive program, as well as 600% her salary through a three-year cash and stock incentive plan.
If the company does have a change of control and McCoy is terminated without cause, she would be entitled to three times her salary and annual bonus.
Coty chairman Bart Becht is scheduled to speak to Avon investors on Monday, during a call hosted by Sanford C. Bernstein & Co. analyst Ali Dibadj. The call remains on the calendar, said a Coty spokesman on Tuesday, despite being scheduled prior to Avon on Monday naming Sheri McCoy as its CEO, effective April 23. McCoy, who will report to the board, takes the reins from Avon’s embattled chief Andrea Jung, who will assume the role of executive chairman. Analysts say that the appointment of McCoy means that a deal for Avon is less likely.
However, that's not stopping an old rival from making a pitch at Avon. According to reports,Richmont Holdings, a former Avon shareholder, is preparing a takeover offer. Richmont Chairman John Rochon had unsuccessfully tried to buy Avon in the late 1980s.
Meanwhile, according to filings with the Securities and Exchange Commission, the new Avon CEO will receive an annual salary of $1.2 million and a sign-on bonus of $1.9 million.
She could also potentially make 150% of her base salary in an annual cash incentive program, as well as 600% her salary through a three-year cash and stock incentive plan.
If the company does have a change of control and McCoy is terminated without cause, she would be entitled to three times her salary and annual bonus.