Beauty company Avon Products, Inc. (AVP) announced the resignation of Fred Hassan from the Board and election of Doug Conant, currently serving on the Board, as non-executive Chairman. Both are effective immediately.
The company said Fred Hassan has stepped down in order to focus more time on his other professional commitments. Hassan serves as a non-executive chairman of Bausch + Lomb and is a Managing Director, Partner at Warburg Pincus LLC. He also serves on the Board of Time Warner, Inc.
"Avon is a great company and I am honored to have served on the Board of Directors," said Mr. Hassan. He added, "However, my other professional commitments have intensified, requiring more focus. So I have decided it is in the best interest of Avon for one of my Board colleagues to take on the Chairmanship."
The incoming non-executive Chairman has served as President and Chief Executive Officer and as a member of the Board of Directors of the Campbell Soup Company from January 2001 to July 2011. Prior to this, he served as President of Nabisco Foods Company from 1995 to 2000, having joined Nabisco in 1992.
The Board also announced appointing Kimberly Ross, Chief Financial Officer of Avon, to the Board of Directors, effective May 2, 2013.
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