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Avon Names New CEO

April 9, 2012

Sheri McCoy of J&J will take post on April 23.

Avon Products, Inc. has appointed Sherilyn S. (Sheri) McCoy as chief executive officer. McCoy will join Avon effective April 23, 2012, and will also serve as a director on the company's board.

As previously announced, Andrea Jung, currently Avon's chairman and CEO, will continue to serve the company as executive chairman once McCoy assumes the CEO position.

McCoy, who is 53, assumes leadership of Avon following a 30-year career at Johnson & Johnson, where she rose to become vice chairman of the company's pharmaceutical, consumer, corporate office of science and technology, and IT divisions. In this capacity she served on J & J's executive committee with oversight for more than 60% of J&J's $65 billion in revenues. Her responsibilities included stewardship for a broad portfolio of world-famous consumer brands including brands such as Neutrogena, Aveeno, Lubriderm, Clean & Clear and ROC.

"The Board conducted an extensive search among many world-class candidates across the direct selling, retail and consumer sectors, and Sheri emerged as the clear choice to take Avon into the future,” said Fred Hassan, lead director of Avon's board. “Sheri has a unique combination of strategic and finely-honed operational skills, a significant turnaround track record, global experienceand people leadership. Given her consistent record ofoutperforming against new challenges, we have great confidence that under Sheri's leadership Avon can successfully execute against our strong long-term prospects."
 
"We are thrilled to have someone of Sheri's caliber assuming the leadership of Avon," Jung said in a press statement. "Throughout her career at J & J, Sheri has had a demonstrated track record of successfully achieving results and driving change across highly diverse operating units with widely varying product lines, customers, distribution channels and business models. She is also known for her ability to identify and empower great talent and motivate and inspire people. I look forward to supporting Sheri as Avon's new CEO."
 
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