Tuesday / February 7. 2023
menu-logo menu-logo
brand-logo
Subscribe
Subscribe
Tuesday / February 7. 2023
  • Read
    • Daily News
      • Financial
      • Insights
      • U.S.
      • International
    • Digital Issue
    • Cover Stories
    • Feature Articles
    • Company Spotlights
    • Exclusive Interviews
    • Executive Announcements
    • Forward Thinking
    • For You | For Your Field
    • Working Smart
    • New Perspectives
    • From the Publisher
  • Listen & Watch
    • Direct Approach
    • Iconic Insights
    • The DSN Podcast
  • Attend
    • Direct Selling University
    • Global Celebration
  • Achieve
    • Global 100 List
    • CCR Program
    • Best Places to Work
    • Bravo Awards
    • Legends
  • Research
    • Digital Momentum Index
    • Stock Watch
    • Stock Ticker
    • Supplier Directory
    • Resources
  • Engage
    • Supporter Program
    • VIP Text Alerts
  • About
    • About DSN
    • Subscribe
    • Advertise
    • Store
    • Connect
  • Search
Subscribe

Activist Investor Shelves Opposing Bids in Board Deal with Avon

BY DSN Staff | March 29, 2016 | read / Daily News

Avon Products Inc. on Monday said it has struck a deal with Barington Capital Group LP that grants the activist investor final say in a new board appointment.

For its part, Barington will withdraw its bid to elect two opposing board members at the beauty company’s annual shareholder meeting in May.

The agreement enables Avon to sidestep a proxy fight with the shareholder group, which has built up a 3 percent stake in the struggling company. In a December 2015 letter to Avon’s chairman, Barington criticized the efforts of CEO Sheri McCoy and called for as much as $700 million in cost cuts over the next two years, with the aim of improving the company’s long-term value.

Avon just weeks later announced the sale of its North America business in a $605 million deal with Cerberus Capital Management LP. The private-equity firm acquired an 80.1 percent stake in Avon North America, which it subsequently took private, as well as a 16.6 percent stake in Avon Products Inc. The deal also extended to Avon’s board, which following the departure of six sitting members would gain three Cerberus directors and two more joint appointees.

“We have spent time with Avon’s management team and members of the Board discussing our strategic and operational suggestions, and we are confident that Avon is taking the necessary actions to improve the long-term performance of the company,” James Mitarotonda, Barington’s Chairman and CEO, said in a statement.

Mitarotonda also expressed the group’s support of Cathy Ross, a joint appointment named by Avon and Cerberus on Monday. Ross, a former FedEx Express executive whose accomplishments include an overhaul of the company’s cost structure, will stand for election in May alongside the independent director to be approved by Barington.

Posted in Daily News and tagged Sheri McCoy.
Related Articles
Herbalife to Address Global Scientific and Wellness Conferences  February 07, 2023

Herbalife to Address Global Scientific and Wellness Conferences 

Read more
Plexus Unveils New Technology at Annual Super Saturday Event   February 06, 2023

Plexus Unveils New Technology at Annual Super Saturday Event  

Read more
Hinode Group to Launch in Uruguay, Portugal and U.S.  February 06, 2023

Hinode Group to Launch in Uruguay, Portugal and U.S. 

Read more
brand-logo
The News You Need.
The Name You Trust.
Subscribe

Breaking global news, emerging trends and powerful stories conveniently curated to help direct selling executives stay informed, engaged and a step ahead.

  • Read
  • Listen & Watch
  • Attend
  • Achieve
  • Research
  • About
  • Connect
5717 Legacy Drive
Suite 250
Plano, Texas 75024
info@directsellingnews.com
Copyright 2023 Direct Selling News | All Rights Reserved
  • Privacy Policy
  • Terms of Use
  • Advertise
  • Subscribe
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT