– USA, NY – Avon Products, Inc. (NYSE: AVP) today announced the election of Jose Armario to its Board of Directors, effective September 6, 2016. Mr. Armario will serve on the Compensation and Management Development Committee.
Mr. Armario served in a variety of leadership roles at McDonald’s Corporation for nearly two decades, retiring in 2015. His roles at McDonald’s included Group President, Latin America and Canada, and President and International Relationship Partner, Latin America. Mr. Armario is credited with leading the company’s turnaround in Latin America and was responsible for driving improved business results and expansion in Canada, in addition to leading international franchising. Mr. Armario’s final role at McDonald’s was as Executive Vice President, Worldwide Supply Chain, Development and Franchising of McDonald’s Corporation. Mr. Armario was responsible for the strategy, execution and results of each department’s key goals, including $25 billion in supply chain purchases globally on a yearly basis, one billion in new store capital for growth in key markets and helping establish the right ownership strategy across all geographies.
Prior to joining McDonald’s, Mr. Armario held roles of increasing responsibility at Lenscrafters, Inc. and Burger King Corporation, where he started his career. Mr. Armario has served on the Board of USG Corporation since 2007, where he is on the Audit Committee and Compensation and Organization Committee. He also serves on the President’s Council of the University of Miami (FL). Mr. Armario earned an associate’s degree in business administration from Miami Dade College and an M.S. in professional management from the University of Miami School of Business.
“I’m delighted that Jose is joining the Avon Board,” said Sheri McCoy, Avon’s Chief Executive Officer. “He has first-hand consumer experience in many of Avon’s most important markets and his insights will be very valuable as we continue to execute our transformation plan.”
“We are very excited to welcome Jose to Avon’s Board,” said Chan W. Galbato, non-executive Chairman of the Board. “Jose brings over 30 years of global experience, having led large, complex operations, as well as having held more hands-on regional roles, including a significant focus on Latin America. This will be a great asset to Avon as we grow our business in global markets.”
Mr. Armario stated, “I am pleased to join the Board of this global, iconic brand, and look forward to working with my fellow Board members as well as the executive team during such a dynamic time. Avon’s rich history is particularly important to me personally, as my own mother spent several years as an Avon Representative upon immigrating to the United States from Cuba.”
As previously announced, Avon reconstituted its Board of Directors at the close of its strategic partnership transaction with Cerberus Capital Management, L.P. Mr. Armario is the second of two independent directors who were jointly selected by Avon and Cerberus under the terms of the transaction. The selection of Mr. Armario comes as part of an agreement reached with Barington Capital Group, L.P. (“Barington”) in March 2016, in which Barington was granted the right to approve the election of this second independent director to the Avon Board. The addition of Mr. Armario increases the size of the Avon Board from ten to eleven members, all of whom are elected annually.
About Avon Products, Inc.
Avon is the Company that for 130 years has proudly stood for beauty, innovation, optimism and, above all, women. Avon products include well-recognized and beloved brands such as ANEW, Avon Color, Avon Care, Skin-So-Soft, and Advance Techniques. Sold through nearly 6 million active independent Avon Sales Representatives, Avon products delight consumers in approximately 70 countries worldwide.
About Cerberus Capital Management, L.P
Established in 1992, Cerberus is one of the world’s leading private investment firms. Cerberus has approximately $30 billion under management invested in four primary strategies: operational private equity; real estate-related investments; commercial mid-market lending, and distressed securities and assets. From its headquarters in New York City and offices in the U.S., Europe and Asia, Cerberus has the on-the-ground presence, including both investment personnel and members of its Operations Team, to invest in multiple industry sectors, through multiple investment strategies, in countries around the world.
About Barington Capital Group, L.P.
Barington Capital Group, L.P. is an investment firm that, through its affiliates, manages a value-oriented, activist investment fund that was established by James A. Mitarotonda in January 2000. Barington and its principals are experienced value-added investors who have taken active roles in assisting companies in creating or improving long-term shareholder value.
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