In another sign that the nonexistent turnaround at Avon Products Inc. (NYSE: AVP) may be in even more trouble, its non-executive chairman, in office for only a few months, is leaving - without explanation.
Avon's fortunes have been awful for two years, mostly because former CEO Andrea Jung ruined the company through wild expansion. Her replacement, Sheri McCoy, has done nothing to reverse the slide.
Avon announced both Chairman Fred Hassan's departure (he severed his relationship so sharply that he will not stay on the board) and the name of his replacement:
Fred Hassan has resigned from the Avon Board of Directors in order to focus more time on his other professional commitments. Mr. Hassan serves as a non-executive chairman of Bausch + Lomb and is a Managing Director, Partner at Warburg Pincus LLC. He also serves on the Board of Time Warner, Inc.
Doug Conant, who currently serves on the Board, has been elected to the position of non-executive Chairman. Both are effective immediately.
"Avon is a great company and I am honored to have served on the Board of Directors," said Mr. 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."
If he was so honored to serve, why did he leave so quickly?
Filed under: 24/7 Wall St. Wire, Corporate Governance, Management Change Tagged: AVP