Changing of the guard at Avon’s board
NEW YORK — Avon has announced that nonexecutive chairman Fred Hassan has resigned his position after just four months so he can focus on other professional commitments.
Hassan serves as a nonexecutive chairman of Bausch + Lomb and is a managing director and partner at Warburg Pincus LLC. He also serves on Time Warner’s board.
"Avon is a great company and I am honored to have served on the board of directors," said Hassan. "However, my other professional commitments have intensified, requiring more focus. So I have decided it is in the best interest of Avon for one of my board colleagues to take on the chairmanship."
Doug Conant, who currently serves on the board, has been elected to the position of nonexecutive chairman in his place.
"Fred has been a good partner to me as I transitioned into my role as CEO of Avon and I thank him for his support. On behalf of Avon's associates, we wish him success," said Sheri McCoy, CEO of Avon. "I welcome Doug to his new role and look forward to working closely with him as we continue to make progress in Avon's turnaround."
Conant served as president and CEO and as a member of the board of directors of the Campbell Soup Company from January 2001 to July 2011. Previously he served as president of Nabisco Foods Company from 1995 to 2000, having joined Nabisco in 1992 and served as president of sales, SVP of marketing for The Nabisco Biscuit Company and VP/GM of the Fleischmann's Company. Conant is founder and currently serves as the CEO of ConantLeadership, a company dedicated to improving the quality of leadership in the 21st century. He serves on the board of AmericsourceBergen Corporation.
Kimberly Ross, CFO of Avon, was also appointed to the board of directors, a measure taken to maintain the minimum number of directors required by Avon's bylaws. The board expects Ross to step down once it appoints a new independent director. An independent director search is currently underway.
Avon is a leading global beauty company with nearly $11 billion in annual revenue. One of the world's largest direct sellers, Avon is sold through more than 6 million active independent Avon sales representatives. Avon products are available in more than 100 countries.