Avon's board initially spent three weeks deciding whether or not to fire former CEO Jung before deciding to remove her as CEO, allowing her to retain position as chairman, sources say
February 22, 2012
– Avon Products Inc.'s directors spent three weeks mulling over whether or not to fire Andrea Jung before deciding to remove her as CEO and allow her to retain her position as chairman, Bloomberg reported Feb, 22, citing two people familiar with the matter.
According to the two sources, who declined to be named because the matter is private, Avon's night indepdent directors decided to keep Jung because she is well-known in the company and serves as a role model for many of its female representatives.
Discussions among the board took place in November and early December, falling on the heels of a Q3 profit that fell short of analysts' expectations and an announcement that the U.S. Securities and Exchange Commissions was investigating potential bribery in China, the two sources said.
The primary source of this article is Bloomberg, New York, New York, on Feb. 22, 2012.