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After 13 years atop Avon Products Inc., Andrea Jung is stepping down as executive chairman at the end of this year, but will continue as an adviser to the direct merchant.
Fred Hassan, the lead independent director and managing director and partner at Warburg Pincus, will become non-executive chairman.
“My decision reflects the successful transition to new leadership,” said Jung, who became chief executive officer of the firm in 1999.
Avon decided to split the roles of chairman and ceo in December and named former Johnson & Johnson executive Sherilyn S. “Sheri” McCoy ceo in April.
Jung’s departure from the board will end what many saw as an awkward arrangement with McCoy trying to turn around a company under the watchful eye of the executive who shaped its recent history.
Investors saw McCoy as ready to take the reins and Friday pushed Avon’s stock up 7.2 percent to $17.39.