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December 01, 2016

World News

Avon Drafts Former SABMiller Executive as CFO

Avon Products Inc. is getting its third finance chief in the past three years with the appointment of Jamie Wilson, a former executive at brewing giant SABMiller.

The beauty company has named Wilson as Executive Vice President and Chief Financial Officer, effective Jan. 1. Avon’s current CFO and Chief Operating Officer, James Scully, will remain on board as COO through 2017, overseeing supply chain and IT. Scully joined the company from apparel chain J.Crew, where he most recently had led international expansion efforts as COO. He came on board at Avon in January 2015, following the resignation of Kimberly Ross.

In the coming year, Scully also will continue to guide Avon’s turnaround efforts, a three-year plan that includes reducing costs and transitioning its corporate headquarters to the United Kingdom. “I look forward to continuing to drive forward our transformation plan and working with the entire Avon team as we position the company to deliver sustainable, long-term profitable growth,” Scully said in a news release.

Avon’s incoming CFO held the top finance job at SABMiller from 2011 to 2015, when he resigned citing personal reasons. He joined the brewer in 2005, and went on to fill a number of roles, including Managing Director in Russia and in Central Europe. Wilson was key to the global integration of the business, as well as its $11.5 billion acquisition of Foster’s Group, now Carlton & United Brewers.

“Jamie has a proven track record of strong financial leadership over an impressive and diverse career,” said Avon CEO Sheri McCoy. “That, along with his breadth of consumer expertise in international markets, will be immensely valuable as we continue to deliver on the company’s transformation plan.”

In its most recent financial disclosure, the cosmetics maker reported that efforts to trim costs are ahead of the schedule laid out by management, following the sale of Avon’s North America business in March. Additionally, top leaders have begun making the move to Avon’s existing facility in the U.K., where it expects its headquarters to be fully operational by January 2017.