Andrea Jung

Andrea Jung

Andrea Jung (far right) with Reese Witherspoon, Michelle Obama, and Hillary Clinton at the International Women of Courage Awards, 10 March 2010.
Born 1958
Toronto, Ontario, Canada
Nationality Canadian-American
Alma mater Princeton University (B.A.)
Occupation President & CEO of Grameen America
Spouse(s) Michael Gould (divorced)
Children 1

Andrea Jung (鍾彬嫻, pinyin: Zhōng Bīnxián, jyutping: zung1 ban1 haa4) (born 1958)[1] is a Canadian-American executive, non-profit leader, and prominent women's-issues supporter. In April, 2014, she became President and CEO of Grameen America, a nonprofit microfinance organization founded by Nobel Peace Prize winner, Muhammad Yunus.[2] Grameen is the fastest growing microfinance organization in the United States, providing the largest number of microfinance loans to individuals and small businesses.[3] From 1999 until 2012, she served as the first female CEO and Chairwoman of Avon Products, Inc., a multi-level marketing company. Jung was also the first woman to serve as Chairman of the Cosmetic, Toiletry & Fragrance Association, and Chairman of the World Federation of Direct Selling Associations.

Jung received the 2010 Clinton Global Citizen Award for her leadership of Avon Foundation for Women and other public-private partnerships to end violence against women and to stem the breast cancer epidemic. Under her leadership, the Avon Foundation for Women raised and awarded nearly $1 billion to support health and empowerment causes, becoming the largest women-focused corporate philanthropy around the world.[4]

After resigning her CEO role at Avon, Jung continued as chair of Avon’s board of directors through the end of 2012 and then as a senior advisor to Avon’s board through April, 2014.[5][6]

Early life

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.[7] Jung is a magna cum laude graduate of Princeton University and is fluent in Mandarin.[8] Her brother, Mark Jung also graduated from Princeton University and went on to become co-founder and CEO of IGN which he continued to run after its acquisition by NewsCorp.[9]

Career

Jung was executive vice president of Neiman Marcus, responsible for all of women’s apparel, accessories, and cosmetics.[7] Before that, she was senior vice president, general merchandising manager, for I. Magnin.[10]

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.[11]

In December, 2011, Avon announced that it had initiated a search for a new chief executive with Jung helping to choose her replacement and continuing as chairman of the board for the next two years. Avon faced several controversies at the time of her resignation. The company's stock had dropped 45 percent 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.[7][12][13][14]

Jung was named one of Forbes magazine's 100 Most powerful women in 2004. In 2009, Forbes ranked her the 25th most powerful woman.[15] In 2012, she was named in the list of the worst 5 CEOs of 2012 by Bloomberg Businessweek.[16]

Boards

Personal

Jung's ex-husband, Michael Gould, is the CEO of Bloomingdale's, the company where she held her first job.

References

  1. ↑ Hirahara, Naomi. Andrea Jung. Daimler AG.
  2. ↑ "Andrea Jung, Former Avon CEO, to Run Microfinance Group". The Wall Street Journal (Dow Jones & Company, Inc.). 2014-04-04. Retrieved 2014-04-07.
  3. ↑ Klein, Joyce (2013-10-13). "What We Know About Microcredit in the US". The Aspen Institute. Retrieved 2014-04-23.
  4. ↑ "Board of Directors". Grameen America. Retrieved 2014-04-23.
  5. ↑ "Avon names Sherilyn McCoy CEO, replacing Andrea Jung". USA Today. 9 April 2012. Retrieved 11 April 2012.
  6. ↑ Coleman-Lochner, Lauren (6 October 2012). "Avon’s Andrea Jung Exit Marks End of Era at Cosmetics Retailer". Bloomberg. Retrieved 3 January 2013.
  7. ↑ 7.0 7.1 7.2 Himsel, Deborrah (2014). Beauty Queen: Inside the Reign of Avon's Andrea Jung. Macmillan. ISBN 978-1137278821.
  8. ↑ "Avon's Andrea Jung: CEOs need to reinvent themselves". USA Today. 14 June 2009.
  9. ↑ Jones, Del (2009-06-15). "Avon's Andrea Jung: CEOs need to reinvent themselves". USA TODAY (USA TODAY). Retrieved 2014-04-23.
  10. ↑ "?". avoncompany.com.
  11. ↑ "Andrea Jung - Chairman & Chief Executive Officer, Avon Products, Inc.". Avon Products.
  12. ↑ "Bloomberg". Bloomberg.com.
  13. ↑ Goudreau, Jenna (2011-12-14). "Andrea Jung And The Restless: Avon Replacing Longtime CEO". Forbes (Forbes.com LLC). Retrieved 2013-10-29.
  14. ↑ Kowitt, Beth (30 April 2012). "Avon: The Rise and Fall of a Beauty Icon". Fortune 165 (6): 106–114. Retrieved 26 April 2012. Exclusive: As CEO of Avon, Andrea Jung made bad bets and missed opportunities. Now she's been replaced - and the 126-year-old company has a second bidder lining up.
  15. ↑ "#25 Andrea Jung". The 100 Most Powerful Women (Forbes). 19 August 2009.
  16. ↑ "#3 Andrea Jung". The Worst CEOs of 2012 (Bloomberg Businessweek). 13 December 2012.
  17. ↑ "Andrea Jung's Biography". General Electric.
  18. ↑ "Hospital Leadership". NewYork-Presbyterian Hospital. Retrieved 2014-04-21.
  19. ↑ "Andrea Jung Joins Apple’s Board of Directors". Apple. 7 January 2008.
  20. ↑ Farmer, Douglas (14 November 2013). "Business Marketing Gets Social". The Town Common (Turley Publications). Retrieved 2014-04-05.
  21. ↑ Tschampa, Dorothee (27 February 2013). "Daimler Nominates Avon Ex-Chief Jung to Supervisory Board". Bloomberg.com (Bloomberg L.P.). Retrieved 2013-03-27.

External links