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By
Reuters
Published
Apr 4, 2012
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Avon CEO's compensation fell 23 per cent in 2011

By
Reuters
Published
Apr 4, 2012

Avon Products Inc Chief Executive Andrea Jung earned 23 percent less compensation in 2011, failing to earn a bonus because of what the world's largest cosmetics seller called a "challenging" year.


Avon CEO Andrea Jung / Photo: Avon Inc


Jung, 53, received total compensation of $10.1 million, down from $13.2 million in 2010, according to a regulatory filing late on Tuesday. Her base salary of $1,375,000 remained unchanged.

In December, she agreed to step down as CEO and help Avon find a successor. She will stay on as an executive chairman for two years after her replacement is in place.

Avon, which is the target of a $10 billion takeover bid by cosmetics company Coty Inc, denied bonuses to Jung and other executives because of the company's performance in 2011.

"We saw slower-than-expected growth in several markets reflecting business challenges and weaker macro-economic conditions," the company said in the proxy statement.

Avon last year saw sales rise only 1 percent, excluding the impact of currency, and sold 2 percent fewer items. The U.S. government is conducting a probe into whether Avon broke anti-bribery laws overseas.

Avon also said in its filing that its annual shareholder meeting would take place on May 3 in New York.

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