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Avon executive chairman Andrea Jung to step down from board at year end

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Staff writer | New York, USA | October 5, 2012
Andrea JungOctober 5, 2012, New York, USA - Avon Products, Inc. announced that Andrea Jung has informed the board of directors that she will step down as executive chairman and board member, effective December 31, 2012.
Ms. Jung assumed the role of Executive Chairman in April 2012. Ms. Jung was Chairman of the Board of Directors and Chief Executive Officer of the Company from September 2001 until April 2012 when she became Executive Chairman. She had previously served as Chief Executive Officer since November 1999. Ms. Jung has been a member of the Board of Directors since January 1998 and was President from January 1998 to January 2001 and Chief Operating Officer from July 1998 to November 1999.

Ms. Jung was elected an Executive Vice President of the Company in March 1997, concurrently continuing as President, Global Marketing, a position she held from July 1996 to the end of 1997. Ms. Jung joined the Company in January 1994 as President, Product Marketing for Avon U.S. Previously, she was Executive Vice President for Neiman Marcus and a Senior Vice President for I. Magnin.

Ms. Jung is a director of Apple Inc. and the General Electric Company. She is a member of the N.Y. Presbyterian Hospital Board of Trustees, a director of Catalyst and a former Chairman of the World Federation of Direct Selling Associations. Ms. Jung will continue as a senior advisor to the Board beginning on January 1, 2013.

Fred Hassan, currently lead independent director, will succeed Ms. Jung next year and assume the position of non-executive Chairman on January 1.

Mr. Hassan is a managing director and partner at Warburg Pincus and the former Chairman and Chief Executive Officer of Schering-Plough Corp.


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