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Avon CEO stepping down after completing sale to Brazilian cosmetics giant Natura

Natura agreed to buy Avon in May 2019 through a share swap that valued the over 130-year old company's equity at around $2 billion

Avon Products - Avon Products Inc CEO Jan Zijderveld stepping down after completing the company’s sale to Brazilian cosmetics giant Natura & Co Holding SA
Avon CEO Jan Zijderveld served for two years

Avon Products Inc (NYSE:AVP) CEO Jan Zijderveld is stepping down after completing the company’s sale to Brazilian cosmetics giant Natura & Co Holding SA in an all-stock deal. 

Natura, which also owns Aesop and The Body Shop, agreed to buy Avon in May 2019 through a share swap that valued the over 130-year old company's equity at around $2 billion.

With the addition of Avon as of Friday, Natura now will have annual gross sales of $10 billion.

READ: Avon shares pop for the second straight day as Natura acquisition becomes official

Zijderveld, after a 30-year career with Unilever PLC (LON:ULVR), took over the door-to-door selling pioneer in February 2018 when it was already struggling with falling sales amid changing consumer preferences.

Natura said Angela Cretu will become CEO, responsible for the business outside of Latin America and the brand globally. Roberto Marques, executive chairman of the Natura board since 2017, will become group CEO.

Natura expects to begin trading through ADRs on the NYSE starting January 6. Avon stock has skyrocketed nearly 260% over the past year.

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