Andrea Jung Elected Chairman of Avon's Board of Directors
Sep 6, 2001
Avon Products, Inc. (NYSE: AVP) today announced that its board of directors has elected chief executive officer, Andrea Jung, to the additional post of chairman of the board, effective immediately.
Ms. Jung, age 42, has been chief executive officer of Avon since November 1999 and a member of Avon's board since January 1998. She succeeds Stanley C. Gault, who has served as non-executive chairman since November 1999. Mr. Gault will continue as a director of the company.
"The election of Andrea as chairman reflects the board's continuing confidence in her outstanding leadership of the company," Mr. Gault said. "Andrea has led Avon to six consecutive quarters of impressive financial results, despite a challenging global economic environment. With record increases in beauty sales and the number of active Representatives, Avon's global direct selling business has never been stronger.
"At the same time, she and her management team have identified and acted upon new opportunities to accelerate the company's long-term growth, including the global Avon Wellness line, the new U.S. retail brand beComing, and the new teen business, which Avon will introduce in early 2003," Mr. Gault added. "The board believes that Avon's future has never looked more promising."
Ms. Jung said, "Avon has been very fortunate to have Stan serve as non-executive chairman during this pivotal period in the company's evolution. We thank him for his service, and look forward to his continuing contributions as a member of our board. Stan's world-class business experience and his strategic counsel have been invaluable to me in helping build on Avon's strengths and leverage our equity as a global beauty brand."
Avon is the world's leading direct seller of beauty and related products, with $5.7 billion in annual revenues. Avon markets to women in 139 countries through 3.4 million independent sales representatives. Avon product lines include such recognizable brands as Anew, Avon Color, Skin-So-Soft, Advance Techniques Hair Care, beComing and Avon Wellness. Avon also markets an extensive line of fashion jewelry and apparel. More information about Avon and its products can be found on the company's award-winning web site http://www.avon.com/.
SOURCE: Avon Products, Inc.
Contact: media, Victor Beaudet, +1-212-282-5344, Brian Martin,
+1-212-282-5103, or investors, Carol Murray-Negron or Renee Johansen,
+1-212-282-5320, all of Avon Products, Inc.
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