Avon Products Inc. is the latest company in the world of fashion to undergo a c-suite shake-up.
The beauty and personal-care company said Friday that chief executive officer Jan Zijderveld is stepping down after less than two years on the job. The news comes amid Avon’s pending sale to Brazilian cosmetics company Natura & Co. Holding SA, which is expected to happen today.
“The combination of Avon with Natura & Co. is a transformational event and the right moment for Avon to start its next growth phase,” Zijderveld said in a statement. “Natura & Co. is the right home for Avon to accelerate its Open Up strategy and continue to change women’s lives, and I will be cheering from the sidelines.”
Natura revealed plans to buy the 130-year old Avon last May. The acquisition will make the combined businesses the fourth largest pure-play beauty company in the world, behind L’Oréal SA, the Estée Lauder Cos. Inc. and Shiseido Co. Natura also owns Aesop and The Body Shop.
Zijderveld’s departure is effective immediately following the closing of the deal. Natura & Co.’s executive chairman Roberto Marques will take control the same day, while the rest of the leadership team will be revealed after the acquisition is complete.
Shares of Avon, which were up roughly 0.5 percent Friday morning, have surged more than 208 percent year-over-year.