Avon Products Inc. directors debated for three weeks whether to fire Andrea Jung before deciding to remove her as chief executive officer and retain her as chairman, according to two people familiar with the matter.
Avon Products Inc., the world’s biggest door-to-door cosmetics seller, surged the most in more than three years after saying it will search for a new chief executive officer next year to replace Andrea Jung.
Avon Products Inc.’s Andrea Jung, the face of the door-to-door cosmetics seller for 13 years, will step down as executive chairman after a tenure that encompassed slumping earnings, a foreign-bribery investigation and a takeover attempt.
Daimler AG, the world’s third- biggest maker of luxury cars, nominated former Avon Products Inc. Chief Executive Officer Andrea Jung to the supervisory board in an effort to increase female representation.
The portion of shareholders who withheld votes to re-elect Avon Products Inc. Chairman Andrea Jung to the retailer’s board jumped more than fivefold to 14 percent of the shares outstanding this year, according to a company filing.