No Love for Jung as Avon Surges

There is no love for Andrea Jung among Avon Products(AVP_) shareholders.

Avon shares were surging 6.6%, the most since July 2009, to $17.20 after the cosmetic company announced Tuesday that Chief Executive Officer and Chairman Jung would step down as CEO in 2012 and help the company find a replacement.

Jung, the only woman on Apple's(AAPL_) board, has overseen the doubling of Avon's revenue since she became CEO and chairman in 1999. She will remain on the New York-based company's board as executive chairman, according to a statement yesterday.

"A new CEO will provide a fresh lens," Jung, 53, said in the statement. "I believe the time is right to separate the Chairman and CEO roles and I look forward to continuing to serve Avon as Chairman as we address the company's growing scale and opportunities."

Read Full Article from TheStreet.com

- Posted: 2011-12-14 11:43:10

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