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Elizabeth Smith To Leave Avon

PRNewswire-FirstCall
NEW YORK
Sep 17, 2009

Avon Products, Inc. (NYSE: AVP) today announced that President Elizabeth (Liz) Smith has made the decision to leave the company effective October 30, 2009, to pursue her long-time leadership aspiration to be a chief executive officer. Avon said Ms. Smith made this decision following a highly successful five-year career with the company, during which she played an instrumental role in repositioning the business for long-term sustainable growth.

Ms. Smith joined Avon in January 2005 as Executive Vice President and Brand President. In August 2005, she added responsibility for leadership of North America. In September 2007, she was named President, Avon Products, Inc., with responsibility for leading the company's global Marketing, Supply Chain and Information Technology business units, and later also assumed oversight for global Sales.

Andrea Jung, Avon's Chairman and Chief Executive Officer said: "Over the past five years, Liz has partnered closely with me as we have executed the company's turnaround plan. She has been instrumental in strengthening our brand competitiveness and elevating our analytical and operational rigor. Most recently as President, she has successfully driven the global integration of our key business processes and technology, helping us develop the requisite infrastructure and wiring to capitalize on our global size and scale. With these efforts well underway, Liz is ready to take the next step in her career and believes the time is right for her to seek a CEO-level position in another company. I want to thank Liz for her exceptional leadership, and for her support of the entire team, and especially me personally. We wish her all the best as she pursues her long-time career aspiration."

Ms. Smith said: "My five years with Avon have been among my most professionally rewarding as we have strengthened the foundation of the business and put the company on a growth track. My decision to leave was not an easy one, given my continuing belief in Avon's many growth opportunities as well as my respect for the company's mission to improve the lives of women. I have been privileged to work with an outstanding team including Andrea Jung, whose leadership I admire tremendously. With Andrea's commitment as a relatively young CEO to lead Avon for the foreseeable future and with her full support, the time is right for me to seek the next step of my career outside of Avon."

The company said that with Ms. Smith's departure, the global business units that reported to Ms. Smith will now report directly to Ms. Jung, as they did before the appointment of Ms. Smith as President in 2007. Ms. Jung will also continue to oversee the company's commercial operations. The company said that it has no immediate plans to replace Ms. Smith in her current role.

"We are fortunate to have an executive leadership team with tremendous depth of talent and experience as well as diversity of perspectives," said Ms. Jung. "With this strong executive bench, I am confident that we have the right team to lead the company through its next period of growth."

Avon, the company for women, is a leading global beauty company, with over $10 billion in annual revenue. As the world's largest direct seller, Avon markets to women in more than 100 countries through 5.8 million independent Avon Sales Representatives. Avon's product line includes beauty products, as well as fashion and home products, and features such well-recognized brand names as Avon Color, Anew, Skin-So-Soft, Advance Techniques, Avon Naturals, and Mark. Learn more about Avon and its products at www.avoncompany.com.

First Call Analyst:
FCMN Contact: sharon.samuel@avon.com

SOURCE: Avon Products, Inc.

CONTACT: Media: Victor Beaudet, +1-212-282-5344, or Sharon Samuel,
+1-212-282-5322, or Investors: Renee Johansen, Yana Friedman, +1-212-282-5320

Web Site: http://www.avoncompany.com/

 
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