By  on January 9, 2014

Avon Products Inc. has recruited former Heinz Co. executive Nilesh Patel to revive its Asia-Pacific business.
Patel will join Avon on Feb. 3 as senior vice president and president of the Asia-Pacific region, reporting to chief executive officer Sheri McCoy.


The appointment comes as Avon’s troubles in Asia-Pacific have intensified over the last several quarters. In the third quarter ended Sept. 30, the company’s total revenues in Asia-Pacific declined 22 percent to $167.4 million, or 19 percent in constant currency. Avon also is still dealing with the impact from its ongoing bribery probe in China, which began in June 2008. During the company’s third-quarter earnings results, the company disclosed that a potential settlement of the ongoing Foreign Corrupt Practices Act investigation, related to bribery allegations, could cost significantly more than Avon’s earlier offer to the U.S. Department of Justice and the Securities and Exchange Commission of $12 million, which was rejected in June.

To access this article, click here to subscribe or to log in.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus