Avon Products Inc., the world’s largest door-to-door seller of cosmetics, said it may spend as much as $132 million to resolve criminal and civil inquiries into whether it paid bribes in China and other countries.
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.