Andrea Jung (鍾彬嫻, pinyin: Zhōng Bīnxián) (born 1958 in Toronto, Ontario, Canada) is the Chairman and CEO of Avon Products Inc..
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Her mother is a Shanghai-born amateur pianist. Jung's father is a Hong Kong-born retired architect, formerly a partner at TRO_Jung_Brannen, who also taught at the Massachusetts Institute of Technology. Andrea Jung was raised in Wellesley, Massachusetts. Jung is a magna cum laude graduate of Princeton University and is fluent in Mandarin.[1]
Jung was executive vice president of Neiman Marcus, where she handled issues regarding accessories, intimate women's apparel, cosmetics and children's wear. Before that, she was senior vice president, general merchandising manager, for I. Magnin.
Jung joined Avon Products, Inc. in 1994 as the company's president in its product marketing group. She became president of global marketing in 1996 and executive vice president/president of global marketing and new business in 1997. Her responsibilities at that time centered primarily around market research, joint ventures and strategic planning. She then became president and chief operating officer, with responsibility for all business units of Avon worldwide. She has been on the company's board of directors since 1998. In November 1999, Jung was promoted to chairman of the board and chief executive officer.[2]
Jung has been on the board of directors of General Electric since 1998.[3] She joined Apple's board of directors on 7 January 2008.[4]
On December 13, 2011, it was announced that Avon had initiated a search for a new chief executive. Jung will remain as CEO until her successor is found, and she will have a role in choosing her replacment, and she will also continue as chairman of the board for the next two years. A multitude of controversies had compelled Jung to announce her resignation. The company's stock had dropped 45% in 2011. Avon's third quarter earnings report stated that sales targets would be unattainable and disclosed that there were two ongoing SEC inquiries. Net income in the third quarter fell to $164.2 million, or 38 cents a share (below analysts' estimates of 46 cents a share), from $166.7 million, or 38 cents, a year earlier. The results marked the fourth time in five quarters that profit trailed analysts’ projections. There was also a three-year probe into an alleged bribery of foreign officials has already caused the dismissal of four Avon executives. [5][6]
Jung was named one of Forbes 100 Most powerful women in 2004. In 2009, Forbes ranked her the 25th most powerful woman.[7]
Jung's ex-husband, Michael Gould, is the CEO of Bloomingdale's, the company where she had her first job.
In 2001, she was named one of the 30 most powerful women in America by Ladies Home Journal.
While CEO of Avon Products in 2009, Jung received a total compensation of $6,997,015, which included a base salary of $1,375,000, a cash bonus of $3,043,906, options granted of $2,395,162, as well as $182,947 in other compensation.[8]
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