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Avon Products, Inc. reported that Andrea Jung will step down as executive chairman of the board and board member

January 24, 2013

Avon Products, Inc.: reported that Andrea Jung will step down as executive chairman of the board and board member, effective Dec. 31, 2012, as the company makes it transition to new leadership under CEO Sheri McCoy. Jung will continue as a senior advisor to the board beginning on Jan. 1, 2013. Fred Hassan, currently lead independent director, will succeed Jung next year and assume the position of non-executive chairman on Jan. 1, 2013. Hassan is a managing director and partner at Warburg Pincus and the former chairman and CEO of Schering-Plough Corp.
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