HispanicBusiness

Avon Products Inc. announced that Andrea Jung will step down as executive chairman and board member, effective Dec. 31, following a transition to new leadership under CEO Sheri McCoy.

Ms. Jung will continue as a senior adviser to the board beginning Jan. 1, 2013.

Fred Hassan, currently lead independent director, will succeed Ms. Jung next year and assume the position of nonexecutive chairman on Jan. 1, 2013. Mr. Hassan is a managing director and partner at Warburg Pincus and the former chairman and CEO of Schering-Plough Corp.

"My decision reflects the successful transition to new leadership. I believe the end of the year is the appropriate time for me to shift my role from executive chairman to senior adviser," Ms. Jung said. "It has been a great privilege to serve the company over the past two decades, most notably the millions of Avon representatives and thousands of associates around the world. I look forward to supporting the Avon board of directors."

Ms. Jung continued, "Fred's experience and leadership on the Avon Board, and his unusual record of leading turnarounds at world-class companies over his distinguished career make him ideally suited to take on the independent Chairman role."

Said Mr. Hassan, "On behalf of the Board, I want to thank Andrea for her many years of service to the company as she helped make Avon an iconic beauty leader with an unrivaled global footprint and a preeminent force for women's economic empowerment. We look forward to continue to work with Andrea in her role as a senior adviser."