NEW YORK, Sept. 6 /PRNewswire/ -- 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.
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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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