Avon announces Board changes in attempt to divert attention from Coty bid

The cosmetics company announced that its Board of Directors elected Douglas R. Conant to the Board, effective immediately.

Welcome on board​

"We are pleased to welcome Doug to Avon's Board of Directors,"​ said Andrea Jung, Avon's chairman and CEO.

"With 35 years of experience, he has a track record of growing brands and companies, and his expertise in leading business transformation will be a valuable strategic asset to Avon as we move the business forward."​

Fred Hassan, lead director of Avon's Board, added, "We are delighted that Doug will bring his extensive business experience to Avon's Board.”​

“His track record in leading through transition and driving growth reflects the continuing commitment of Avon's Board of Directors to support the company in restoring business momentum and ensuring value for shareholders."​

History of management roles​

Conant, 60, currently serves as the CEO of DRC LLC, a leadership consulting firm, which he founded in August 2011.

Conant is the retired president and CEO of the Campbell Soup Company, where he served from 2001 - 2011 and led the company through a dramatic business transformation that generated quality sales growth, ten consecutive years of adjusted earnings per share growth, strong cash flow and record returns on invested capital.

Prior to that, he served from 1992-2000 at Nabisco in a series of senior leadership positions, including president of Nabisco Foods Company from 1995 to 2000.

One in, one out​

In other Board-related changes, Paul Pressler, Partner at Clayton, Dubilier & Rice, indicated that he did not intend to stand for re-election to Avon's Board of Directors after seven years of service and will be leaving the Board effective April 2, 2012.

Both Jung and Hassan were quick to thank Pressler for his contribution to the company, focusing on the positives of this decision.