Beauty Beat: Avon Expands Roles of Smith and Cramb… Inter Parfums SA Net Rises…
As part of Avon's turnaround plan, the beauty firm continued to broaden the roles of its management team, naming Elizabeth Smith president of Avon Products Inc. and Charles Cramb vice chairman, chief finance and strategy officer.
NEW YORK — As part of Avon's turnaround plan, the beauty firm continued to broaden the roles of its management team, naming Elizabeth Smith president of Avon Products Inc. and Charles Cramb vice chairman, chief finance and strategy officer.
Smith — who was formerly executive vice president and president, North America and Global Marketing — will retain her current responsibilities for North American operations and Global Brand Marketing. As part of her new role, she will oversee Global Supply Chain and Global Information Technology.
In a statement, the company said Smith's broadened role gives her "full end-to-end leadership for the company's product-to-market processes, infrastructure and systems." Smith, who joined Avon in January 2005 from Kraft Foods Inc., will continue to report to Andrea Jung, Avon's chairman and chief executive officer. The role of president was left vacant following the retirement of Susan Kropf, Avon's former president and chief operating officer, in July 2006.
Prior to his promotion, Cramb served as executive vice president, finance and technology, and chief financial officer. In his new role as vice chairman, chief finance and strategy officer, he will continue to oversee Avon's restructuring and cost-control initiatives as part of the company's multiyear turnaround plan announced in November 2005. He will also assume broader responsibility for long-term strategic planning and development, and continue to report to Jung.
To assist Smith with her expanded role, Avon has tapped Andrea Slater, who previously was the president of Avon U.K., to fill the post of president of Avon U.S. Slater, a 17-year veteran of the company, will report to Smith.
In a statement, Jung said, "We remain committed to the principles of a delayered organization, which have helped us to get closer to our markets and customers and are a cornerstone of our turnaround."
— Molly Prior
Inter Parfums SA Net Rises
PARIS — Inter Parfums SA, the Paris-based subsidiary of Inter Parfums Inc., posted first-half net profits of 10.6 million euros, or $14.1 million at average exchange, up 6 percent year-on-year.
The turnout is considered in line with targets, according to company executives.
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