Avon Taps New Executive VP NEW YORK — Avon Products has recruited former Gillette executive Charles Cramb to the newly created post of executive vice president of finance and technology and chief financial officer.
Avon veteran Robert J. Corti, executive vice president and cfo, will retire after 30 years with the company.
Corti will remain at the company through the first quarter of 2006 in a "nonfinance-related capacity" to assist in the transition. In his new role, which takes effect Nov. 1, Cramb will report to Andrea Jung, Avon's chairman and chief executive officer. In a statement, Jung noted that the company decided to merge finance and technology under one umbrella because of the strategic links of these functions and in light of Crumb's experience in these areas.
Prior to his Avon appointment, Cramb served as senior vice president of finance and cfo for Gillette, where he spent 35 years working in various roles, such as vice president of finance and strategic planning, North Atlantic Group, and vice president and corporate controller. He was named to his most recent Gillette post in 1997.
In addition to his various financial positions, he headed Gillette's information technology division and most recently chaired the company's IT Advisory Council.
Corti was named Avon's executive vice president and cfo in 1998. Jung credited him with being "instrumental in helping the company adapt to sweeping changes in the regulatory environment." She added that, under his leadership, "the company has maintained an exceptionally strong balance sheet and generated record levels of cash flow."
NPD Signs Deal With TNS Infratest NEW YORK — The NPD Group, which monitors consumer purchasing patterns, said Wednesday it has signed a nonbinding letter of intent to acquire the Italian perfumery tracking business of TNS Infratest, an Italian subsidiary of international market information provider Taylor Nelson Sofres. A definitive agreement is expected to be hammered out later this month.
In a separate development, TNS's French subsidiary, Secodip TNS, said it will cease tracking selective-distribution beauty sales in France by the end of the year. According to a source at the company, it will honor current contracts with clients to the end of the year, and will deliver final research reports in early 2006.
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