Avon has announced the resignation of Executive Vice President and Chief Financial Officer Kimberly Ross. Ross will join Baker Hughes, a Fortune 500 oilfield services company based in Houston.
With Ross slated to exit Oct. 2, 2014, the search for a new CFO is underway at Avon. In the interim, Robert Loughran, Vice President and Corporate Controller, will serve as acting CFO. Loughran has spent the last decade at Avon, following 15 years in various financial reporting and accounting positions at public companies, as well as PricewaterhouseCoopers LLP and Deloitte & Touche LLP.
“Kimberly has been a strong leader for Avon over the past three years. I appreciate her partnership as we’ve worked together on Avon’s turnaround journey. We wish her all the best in her new role,” said Avon CEO Sheri McCoy. “We have an outstanding finance leadership team, and I have full confidence in Bob and the team during this transition period.”
Some analysts have not expressed equal confidence. The team at Citigroup downgraded Avon to “neutral” from “buy” with a $15 price target, citing Ross’s departure amid the company’s sluggish earnings recovery. Avon stock has dipped 3.9 percent to $13.12 at 12:08 p.m.