Doug Conant, who already serves on the boards of Avon as well as the AmericsourceBergen Corporation will replace Hassan with immediate effect, as Hassan departs after spending just four months in the position.
Conant served as CEO at Campbell Soup Company for more than 10 years, until 2011, and before that had risen to the position of president at Nabisco Food Company, while also leading his own executive leadership consultancy ConantLeadership.
Hassan step down due to work load
“My other professional commitments have intensified, requiring more focus. So I have decided it is in the best interest of Avon for one of my Board colleagues to take on the Chairmanship," Hassan said.
He had been bought into support Avon CEO Sheri McCoy as she eased into her new role, having replaced outgoing CEO Andrea Jung at the beginning of last year.
However, Hassan’s other executive commitments include serving as a non-executive chariman of Bausch + Lomb, managing director and partner at Warburg Pincus, as well as serving on the board of Time Warner.
Conant takes on big challenges
Conant is now expected to continue to play a significant role in Avon’s turnaround plans, as the company continues to struggle in the face of falling sales, an on-going international bribery investigation and a restructuring program that will see it pull out of a number of smaller markets, including Ireland.
Avon also announced the appointment of its existing chief financial officer, Kimberly Ross, to the board of directors, a position she will take up from May 2nd.
The company said this appointment was necessary in order to maintain the minimum number of directors on the board, while confirming that Ross would step down once a new independent director has been recruited and appointed.