Beauty products company Avon Products, Inc. (AVP), Thursday said that President Elizabeth Smith will leave the company, effective October 30, to seek her long-time goal of being a chief executive officer. Avon said it had no immediate plans to name a replacement.
New York-based Avon said that with Smith's resignation, the global business units that operated under her would now report directly to Andrea Jung, Chairman and Chief Executive Officer, Avon. Jung will also continue to oversee the company's commercial operations.
Smith said: "My five years with Avon have been among my most professionally rewarding as we have strengthened the foundation of the business and put the company on a growth track. My decision to leave was not an easy one, given my continuing belief in Avon's many growth opportunities as well as my respect for the company's mission to improve the lives of women. "
Smith, who joined Avon in January 2005 as executive vice president and brand president has been president since September 2007. During her five-year stint with Avon, she was responsible for repositioning the business for long-term sustainable growth. During her tenure as president, she was responsible for leading the company's global marketing, supply chain and information technology business units, and also oversaw global sales.
Jung, said, "Over the past five years, Liz has partnered closely with me as we have executed the company's turnaround plan. She has been instrumental in strengthening our brand competitiveness and elevating our analytical and operational rigor."
Announcing its results on July 30, Avon reported a sharp decline in second-quarter profit, hurt by significant restructuring costs and lower revenues primarily due to the impact of foreign currency translation. The company posted a second quarter net income attributable to the company of $82.9 million or $0.19 per share, while revenues declined 10% to $2.47 billion from the prior-year quarter.
On July 22, Avon had announced a number of restructuring actions including realignments in its global supply chain manufacturing and improvements in its operating model effectiveness in key geographies. The company said the actions would affect nearly 2,300 positions globally, with a net reduction of about 1,200 positions when the initiatives are fully implemented by 2012-2013.
Avon, with over $10 billion in annual revenue markets to women in more than 100 countries through 5.8 million independent Avon Sales Representatives.
AVP closed Wednesday's trading at $32.69 on the NYSE.
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