April 26 Avon Products Inc said on
Friday that longtime board member Fred Hassan resigned from its
board to focus on his other professional commitments and that
Doug Conant was taking over the role of nonexecutive chairman.
The world's largest direct seller of cosmetics also said
its chief financial officer would fill a spot on the board until
it can find another independent director.
Avon has started to show signs of stabilizing its business
under Chief Executive Officer Sheri McCoy, who was brought in a
year ago after the company posted years of disappointing results
both in the United States and abroad. Earlier this month, Avon
announced plans to cut more than 400 jobs and leave the market
Hassan, who joined Avon's board in 1999, is nonexecutive
chairman of Bausch + Lomb, a managing director and
partner at private equity firm Warburg Pincus LLC and a
board member of Time Warner Inc.
Hassan, a well-regarded turnaround expert and dealmaker,
said in a statement provided by Avon that his "other
professional commitments have intensified, requiring more
Hassan had only been Avon's nonexecutive chairman since the
beginning of the year, taking on the role when former CEO Andrea
Jung left her role as executive chairman of the board more than
a year earlier than planned.
Conant, the former CEO of Campbell Soup Co, joined
Avon's board in April 2012.
CFO Kimberly Ross will join Avon's board on May 2 to
maintain the minimum number of directors required, the company
said. Ross will step down from the board once the company finds
a new independent director.
Avon requires that its board have a minimum of 10 and a
maximum of 20 directors and that a majority of the members be