Avon Products Inc., the door-to-door cosmetics retailer, agreed to sell its Silpada Designs jewelry unit to Rhinestone Holdings Inc. for $85 million in cash, about one-seventh the amount it paid to buy the company in 2010.
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.
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.
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.
Four of the five highest-paid employees at Standard & Poor’s 500 companies aren’t chief executive officers. They’re Apple Inc. senior lieutenants receiving compensation packages designed to keep management intact in an increasingly competitive industry.