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Andrea Jung Avon Forbes

Avon – Andrea Jung, Nr. 3 in The Forbes Worst CEO Screw-ups Of 2012

 

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According to Forbes Andrea Jung is the Nr. 3 in the worst CEO Screw-ups of 2012.

Andrea Jung, Avon, resigned as CEO at the end of 2011 and as chairman in October 2012.

  • Presided over a long period of poor performance, missing analysts’ estimates. Third quarter earnings were down 81%. Stock has fallen from $30 in May of 2011 to $14.
  • Failed to groom a successor. In the spring the company brought in Sheri McCoy, formerly a top executive at Johnson & Johnson.
  • Left the job of chief operating officer open since 2006.
  • Rejected a $10.7 billion acquisition offer from Coty.
  • Though Jung hasn’t been accused of any wrongdoing, the company is being investigated for violations of the Foreign Corrupt Practices Act, which bars bribery of foreign officials to get business. The investigation has cost Avon $300 million in legal expenses.
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