Avon Elects Douglas R. Conant to Board of Directors

NEW YORK—On Tuesday, April 2, after turning down Coty’s $10 million offer, Avon Products, Inc. elected Douglas R. Conant, 60, to its Board of Directors. Conant is the retired president and CEO of the Campbell Soup Co., where he served from 2001 to 2011 and led the company through a dramatic business transformation that generated quality sales growth, 10 consecutive years of adjusted earnings per share growth, strong cash flow and record returns on invested capital. Prior to that, Conant served from 1992 to 2000 at Nabisco in a series of senior leadership positions, including president of Nabisco Foods Co. from 1995 to 2000.  Conant currently serves as the CEO of DRC LLC, a leadership consulting firm that he founded in August 2011.

"We are pleased to welcome Doug to Avon's Board of Directors," said Andrea Jung, Avon's Chairman & 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, stated, "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."

Conant holds both a Bachelor of Arts from Northwestern University and an MBA from the J.L. Kellogg School of Management at Northwestern.

In other Board-related changes, Paul S. Pressler, partner at Clayton, Dubilier & Rice, Inc., indicated his intention not 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. 

Jung stated, "We thank Paul for his service, insights and contributions to the company during his tenure."