April 4 Avon Products Inc Chief
Executive Andrea Jung earned 23 percent less compensation in
2011, failing to earn a bonus because of what the world's
largest cosmetics seller called a "challenging" year.
Jung, 53, received total compensation of $10.1 million, down
from $13.2 million in 2010, according to a regulatory filing
late on Tuesday. Her base salary of $1,375,000 remained
In December, she agreed to step down as CEO and help Avon
find a successor. She will stay on as an executive chairman for
two years after her replacement is in place.
Avon, which is the target of a $10 billion takeover bid by
cosmetics company Coty Inc, denied bonuses to Jung and other
executives because of the company's performance in 2011.
"We saw slower-than-expected growth in several markets
reflecting business challenges and weaker macro-economic
conditions," the company said in the proxy statement.
Avon last year saw sales rise only 1 percent, excluding the
impact of currency, and sold 2 percent fewer items. The U.S.
government is conducting a probe into whether Avon broke
anti-bribery laws overseas.
Avon also said in its filing that its annual shareholder
meeting would take place on May 3 in New York.