It’s time to contact New Avon
Steve’s breakdown: The new CEO starts next week and the rebirth of Avon will officially begin. So in addition to all this change, remember they received over a 1/2 billion dollars in investing. Sounds like a good time to introduce the agency.
NEW YORK, NY: New Avon LLC named Abbott Laboratories executive J. Scott White as its new chief executive as of next week, when he will be tasked with reinvigorating the former North American business of Avon Products Inc.
Last month Avon and Cerberus Capital Management LP announced the closing of a deal in which the private-equity firm injected $435 million into the struggling beauty products company and carved out the North American business into a separate firm with an additional $170 million investment.
Mr. White, who will join New Avon April 25, most recently was president of Abbott Labs’ international nutrition business. During his 10-year tenure at Abbott Labs, he also served as president of its North America nutrition business and other management roles.
His previous experience includes 15 years at consumer-products giant Procter & Gamble Co., where he managed a variety of women’s and health and wellness brands. In prepared remarks on Monday, Mr. White said that he plans to meet with many of New Avon’s representatives over the next few months.
In March, Avon Products had noted that the North American business posted a higher operating profit for the full-year 2015 despite lower revenue “as a result of significant cost savings.”
In January, Steven Mayer, a senior managing director at Cerberus, said the broader direct-selling industry in North America is growing but the Avon business being carved out will require “a major transformation” before it becomes competitive again.