29-Apr-2013

Hassan to step down from Avon board

Fred Hassan has resigned from the board of directors at US direct selling giant Avon in order to focus on his other professional commitments. Hassan, who until recently served as non-executive Chairman at Avon, also serves as a non-executive Chairman of Bausch + Lomb and is a MD and partner at Warburg Pincus LLC.

Current board member Doug Conant has been appointed non-executive Chairman, effective immediately.

"Avon is a great company and I am honoured 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."

Sheri McCoy, CEO of Avon added: "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."

The board has also added Kimberly Ross, Chief Financial Officer of Avon, to the board of directors effective from May. The move was in line with Avonís obligation to maintain a minimum number of directors, as required by the companyís by-laws. Ross is expected to step down from the board once a new independent director has been appointed.

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