Avon Names New Chief Executive

Avon Products Inc. named Andrea Jung its chief executive to replace Charles Perrin, who quit as chairman and CEO after just 16 months. Jung, 41, most recently president and chief operating officer of Avon, is the first woman to head the world’s largest direct seller of cosmetics. Outside director Stanley Gault, a former chairman and CEO of Goodyear Tire & Rubber Co. and Rubbermaid Inc., was named nonexecutive chairman. Perrin, 53, who joined the company after heading battery maker Duracell International, was hobbled by sluggish sales, which led Avon to warn in September that its fourth-quarter profit would miss forecasts. In a statement, Perrin said he planned to devote his time to philanthropic activities, including his foundation to fund programs for underprivileged youth. Company officials weren’t immediately available for further comment. Shares of New York-based Avon rose $2.13 to close at $31.75 on the New York Stock Exchange.