Andrea Jung

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Andrea Jung
Witherspoon-Obama-Clinton-Jung 2010-03-10.jpg
Andrea Jung (far right) with Reese Witherspoon, Michelle Obama, and Hillary Clinton at the International Women of Courage Awards, 10 March 2010.
Born Toronto, Ontario, Canada
Nationality Canadian-American
Alma mater Princeton University (B.A.)
Occupation Executive Chairman of Avon Products
Salary $6,997,015 (2009)
Spouse(s) Michael Gould (divorced)

Andrea Jung (鍾彬嫻, pinyin: Zhōng Bīnxián, jyutping: zung1 ban1 haa4) (born 1959)[1] is a Canadian-American executive, fundraiser and prominent women's-issues supporter. She was the CEO of Avon Products, Inc. from 1999 until her forced resignation in spring 2012, and was simultaneously executive chairman of its board of directors through the end of 2012. As of January 1, 2013, she serves as a senior adviser to Avon's board, continuing in her long-established role as the high-profile public face of the company.[2][3]

Early life[edit]

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.[4]

Career[edit]

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.[5]

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.[6]

On December 13, 2011, it was announced that Avon had initiated a search for a new chief executive. Jung will have a role in choosing her replacement, 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 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][8][9]

Jung was named one of Forbes 100 Most powerful women in 2004. In 2009, Forbes ranked her the 25th most powerful woman.[10] In 2012, she was named in the list of the worst 5 CEOs of 2012 by Bloomberg Businessweek.[11]

Boards[edit]

  • Jung has been on the board of directors of General Electric since 1998.[12]
  • Jung as been a member of the New York Presbyterian Hospital Board of Trustees since 2001.[13]
  • Jung joined Apple's board of directors on 7 January 2008.[14]
  • In February 2013, Jung was nominated as a member of the supervisory board of Daimler AG, part of the company’s plan to increase female representation.[15]

Personal[edit]

Jung's ex-husband, Michael Gould, is the CEO of Bloomingdale's.

References[edit]

  1. ^ Hirahara, Naomi (2003). Distinguished Asian American Business Leaders (illustrated ed.). Greenwood Publishing Group. ISBN 978-1573563444. 
  2. ^ "Avon names Sherilyn McCoy CEO, replacing Andrea Jung". USA Today. 9 April 2012. Retrieved 11 April 2012. 
  3. ^ Coleman-Lochner, Lauren (6 October 2012). "Avon’s Andrea Jung Exit Marks End of Era at Cosmetics Retailer". Bloomberg. Retrieved 3 January 2013. 
  4. ^ "Avon's Andrea Jung: CEOs need to reinvent themselves". USA Today. 14 June 2009. 
  5. ^ http://www.avoncompany.com/aboutavon/boardofdirectors/index.html&title=Board%20of%20Directors
  6. ^ "Andrea Jung - Chairman & Chief Executive Officer, Avon Products, Inc.". Avon Products. 
  7. ^ [1]
  8. ^ Goudreau, Jenna (2011-12-14). "Andrea Jung And The Restless: Avon Replacing Longtime CEO". Forbes (Forbes.com LLC). Retrieved 2013-10-29. 
  9. ^ 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." 
  10. ^ "#25 Andrea Jung". The 100 Most Powerful Women (Forbes). 19 August 2009. 
  11. ^ "#3 Andrea Jung". The Worst CEOs of 2012 (Bloomberg Businessweek). 13 December 2012. 
  12. ^ "Andrea Jung's Biography". General Electric. 
  13. ^ "Hospital Leadership". NewYork-Presbyterian Hospital. Retrieved 2013-10-29. 
  14. ^ "Andrea Jung Joins Apple’s Board of Directors". Apple. 7 January 2008. 
  15. ^ 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[edit]