Andrea Jung, the longtime chief executive of Avon Products, announced Friday that she would step down as the company’s executive chairwoman.
The announcement was somewhat of a surprise because Jung, who was pushed out as chief executive in December, was expected to remain in her chairwoman post for at least two years. She will resign the job by the end of the year, becoming a senior adviser to the company. “My decision reflects the successful transition to new leadership,” Jung said in prepared remarks. Fred Hassan, a director at the company, will succeed Jung as executive chairman.