Avon appoints new chief financial officer

By Simon Pitman

- Last updated on GMT

Related tags: Investment, Developed country

Avon Products has announced that Kimberly Ross will take over from Charles Camb in the key position of chief financial officer.

Ross is moving from her current role as CFO and VP at Netherlands-based Ahold, an international retail group with stores throughout the US and Europe, and is expected to take up the appointment in November, in line with her contractual obligations with Ahold.

“Her depth of experience across all areas of finance, her capabilities as a strategic business partner, and her broad experience in developed and emerging markets will be significant assets as we continue to advance on our path to sustainable profitable growth,”​ said Andrea Jung, Avon CEO.

News of the appointment was greeted positively from the financial world, after an analyst said that Ross appeared to be the right person for the job.

The right person for the job

In a client note cited by Associated Press, Citi Investment research analyst Wendy Nicholson, said that Ross’s experience in tax, internal controls and strategic business planning would tie in well with what will be expected of her in the new position at Avon.

“We like the way this sounds – while Avon is certainly a different business than Ahold’s, we hope the breadth and depth of Ross’ past experiences will enable her to transition well to Avon,”​ said Nicholson.

The CFO position became vacant back in February of this year after Jung implemented a major executive reshuffle.

Executive reshuffle left gaps

The reorganization included five other key executive positions, besides Camb, in a move aimed at making internal management changes in both the company’s developing and developed markets.

“Avon continues to have significant growth opportunities across our global geographic portfolio. Our goal is to capture these opportunities by realigning our top management talent and also through strategic new hires that bring added management capabilities,”​ said Jung.

At the time, the other key executive reshuffle was Charles Herrington, who was moved from the position of VP of Latin America and Central and Eastern Europe, to become VP of developing markets. The company is still in the recruitment process to fill Herrington's former post.

Related topics: Business & Financial

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