Leadership transition in Avon International

Rhea-AI Summary

Natura &Co (NYSE – NTCO; B3 – NTCO3) announces Kristof Neirynck as the new CEO of Avon, succeeding Angela Cretu who will continue to support the business as an advisor. Avon underwent a successful turnaround strategy under Angela's leadership, transitioning from traditional direct selling to social selling with an omnichannel approach. Kristof Neirynck, a visionary leader, has a proven track record in business turnarounds and brand relaunches, with significant improvements in gross margin and profitability.

Kristof Neirynck will be promoted to CEO of Avon as of January 1^st 2024

SÃO PAULO, Nov. 30, 2023 /PRNewswire/ -- Natura &Co (NYSE – NTCO; B3 – NTCO3) announces Kristof Neirynck, currently the Global Chief Marketing Officer and Managing Director for Western Europe, as the new CEO of Avon. After a landmark 25 years with the company, Angela Cretu will continue to support and contribute to the Avon business, as an advisor.

Under Angela's leadership, Avon initiated a successful turnaround strategy, streamlining its operating model and radically simplifying its portfolio. Through a major transformation of the commercial model, R&D redesign, and technology modernization, Avon's traditional direct selling model is transitioning to social selling, focusing on the future with an omnichannel approach. As CEO, Angela reignited Avon's purpose-driven campaigning, empowering women to embrace their power and improve their lives with accessible world-class beauty and flexible earning and learning opportunities, while supporting causes like raising awareness of breast cancer and gender-based violence. 

Kristof, a visionary leader, excels in business turnarounds and driving step-change growth. As Global Chief Marketing Officer for Avon for the past two years, he drove a complete brand relaunch and achieved significant gross margin improvement. In early 2023, Kristof assumed the role of Managing Director for Western Europe. Under his leadership, the region's profitability improved, the core direct selling channel stabilized, and significant omnichannel access to the brand was established.

Before joining Avon, Kristof served as the Chief Marketing Officer for Global Brands at Walgreens Boots Alliance (WBA). In this role, he oversaw a portfolio of 20+ owned brands across Beauty and Consumer Healthcare, representing over $4 billion in sales globally. Prior to WBA, he spent 13 years at P&G, where he held leadership positions in key divisions.

Alessandro Carlucci will also be rejoining the Natura &Co group as advisor to Avon to assist with its continued turnaround and its plans for future growth. Carlucci, who served as CEO of Natura from 2005 to 2014, brings a wealth of experience from Chairman roles in organizations like BSR and Arezzo&Co, along with his presidency of the World Federation of Direct Sales Associations from 2012-2014.

"Angela's departure has been a thoroughly planned process, coming only after stabilizing the business and identifying the right successor. We are thrilled that she will continue to be by our side, and in the name of the Board, I would like to thank her deeply for her leadership. I'm delighted to welcome Kristof as CEO of Avon, capitalizing on his deep understanding of the business, its spirit and values. I am also pleased to welcome Alessandro back to the organization, bringing with him his expertise of direct sales and cosmetics," said Fabio Barbosa, Natura &Co CEO.

Angela Cretu said, "I have had the privilege of experiencing an Avon journey that has been nothing short of fascinating, addictive, and fulfilling. I am grateful for the unwavering partnership and shared values of my Avon team, and for the wise guidance and support of my mentors, the Natura &Co founders and Board. Most of all, my life's purpose and values have been shaped by the countless women from the countries where I have worked and lived, who generously shared their life stories with me."

Kristof Neirynck said, "I am honored to take on this new role at Avon and continue its evolution to become an omnichannel, relationship selling business, with Representatives at its core. We have an iconic brand: innovative, and affordable products, and a business model that creates opportunities for women to embrace their power, on their own terms."

About Natura &Co

Natura &Co is a global purpose-driven, group uniting Natura, Avon, and The Body Shop. We connect more than 200 million clients worldwide, engaging them through 7 million dedicated Consultants and Representatives, 2,000 stores and franchises, and 30,000 employees. 

We believe in promoting real positive economic, social, and environmental impact. We believe that the world does not need another big company. The world needs symbols of change capable of blazing new trails and inspiring others to follow. We believe in the power of cooperation, co-creation, and collaboration for a better way of living and doing business. 

We are Natura &Co. 

View original content:https://www.prnewswire.com/news-releases/leadership-transition-in-avon-international-302001312.html

SOURCE Natura &Co

FAQ

Who is the new CEO of Avon?

Kristof Neirynck is the new CEO of Avon.

Who is the current CEO of Natura &Co?

Fabio Barbosa is the current CEO of Natura &Co.

What is the ticker symbol for Natura &Co?

The ticker symbol for Natura &Co is NTCO on NYSE and NTCO3 on B3.

What is the business model transition Avon underwent?

Avon transitioned from traditional direct selling to social selling with an omnichannel approach.

What is Kristof Neirynck's background?

Kristof Neirynck previously served as the Global Chief Marketing Officer for Avon and held leadership positions at Walgreens Boots Alliance and P&G.

Who will be supporting Avon as an advisor?

Alessandro Carlucci will be rejoining Natura &Co group as advisor to Avon.