Andrea Jung Steps Down at Avon

Andrea Jung

Avon Products, Inc. has announced that Andrea Jung will step down as executive chairman and board member, effective December 31, 2012 following a successful transition to new leadership under CEO Sheri McCoy. Jung will continue as a senior advisor to the board beginning on January 1, 2013.

Fred Hassan, currently lead independent director, will succeed Jung next year and assume the position of non-executive chairman on January 1. Hassan is a managing director and partner at Warburg Pincus and the former chairman and chief executive officer of Schering-Plough Corp.