Avon Shareholders Re-Elect Andrea Jung to Board
Andrea Jung, an Avon Productsdirector and the company's former CEO, was re-elected Thursday to the company's board.
Jung was replaced as CEO last week by Sheri McCoy, a former Johnson & Johnson executive, after 12 years at the helm of the cosmetics company.
Jung stepped down as Avon struggles to improve its performance, fend off an unsolicited bid from smaller rival Coty, and wrap up an investigation into whether the company bribed officials overseas over the past decade.
Throughout Jung's tenure as CEO, Avon has been bedeviled by heavy competition from drugstores and low-cost, trendy brands in the United States, aggressive pricing by rivals in Eastern Europe and inadequate ordering systems that have frustrated representatives in Brazil.
In her first public statement since taking the helm, McCoy acknowledged her challenge on an earnings call with analysts: "Avon also faces significant challenges. It has lost market share and missed expectations. It has had problems executing. It has faced operational and strategic issues."