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Andrea Jung

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Andrea Jung
Andrea Jung (far right) with Reese Witherspoon, Michelle Obama, and Hillary Clinton at the International Women of Courage Awards, 10 March 2010.
Born1959 (age 64–65)
Toronto, Ontario, Canada
NationalityCanadian-American
Alma materPrinceton University (B.A.)
OccupationPresident & CEO of Grameen America
SpouseMichael Gould (divorced)
Children2

Andrea Jung (鍾彬嫻, pinyin: Zhōng Bīnxián, jyutping: zung1 ban1 haa4) (born 1958)[1][2] 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.[3] Grameen is the fastest-growing microfinance organization in the United States, providing the largest number of microfinance loans to individuals and small businesses.[4] 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.[5]

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.[6][7]

Early life

Jung was born in Toronto, Ontario in 1959[8] and raised in Wellesley, Massachusetts.[9] As a child, she studied the piano and took lessons in Mandarin on Saturday mornings.[10]

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. Jung is a magna cum laude graduate of Princeton University and is fluent in Mandarin.[11] 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.[12]

Career

Jung was executive vice president of Neiman Marcus, responsible for all of women’s apparel, accessories, and cosmetics.[9] Before that, she was senior vice president, general merchandising manager, for I. Magnin.[13]

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.[14]

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.[9][15][16][17]

Jung was named one of Forbes magazine's 100 Most powerful women in 2004. In 2009, Forbes ranked her the 25th most powerful woman.[18] In 2012, she was named in the list of the worst 5 CEOs of 2012 by Bloomberg Businessweek.[19]

Boards

  • Jung has been on the board of directors of General Electric since 1998.[20]
  • Jung was a member of the Board of Trustees of Princeton University from July 1999 to June 2003.[21]
  • Jung was a member of the Board of Trustees of NewYork–Presbyterian Hospital from 2001-2014.[22][citation needed]
  • Jung joined Apple's board of directors on 7 January 2008.[23]
  • In 2013, Jung became co-founder and chair of the board for Venly, a Cambridge, Massachusetts distributed resource software and services firm that trains recent graduates and returning veterans to be community social media consultants for local businesses.[24]
  • 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.[25]

Personal

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

Jung has two children, a son and a daughter.[8]

References

  1. ^ Hirahara, Naomi (2003). Distinguished Asian American Business Leaders (illustrated ed.). Greenwood Publishing Group. ISBN 978-1573563444.
  2. ^ "Andrea Jung". Daimler AG. Retrieved 23 April 2014.
  3. ^ Lublin, Joann S. (4 April 2014). "Andrea Jung, Former Avon CEO, to Run Microfinance Group". The Wall Street Journal. Dow Jones & Company, Inc. Retrieved 7 April 2014.
  4. ^ Klein, Joyce (13 October 2013). "What We Know About Microcredit in the US". The Aspen Institute. Retrieved 23 April 2014.
  5. ^ "Board of Directors". Grameen America. Retrieved 23 April 2014.
  6. ^ "Avon names Sherilyn McCoy CEO, replacing Andrea Jung". USA Today. 9 April 2012. Retrieved 11 April 2012.
  7. ^ Coleman-Lochner, Lauren (6 October 2012). "Avon's Andrea Jung Exit Marks End of Era at Cosmetics Retailer". Bloomberg. Retrieved 3 January 2013.
  8. ^ a b "Andrea Jung". BusinessWeek: Small Biz. 18 September 2000. Retrieved 17 April 2016.
  9. ^ a b c Himsel, Deborrah (2014). Beauty Queen: Inside the Reign of Avon's Andrea Jung. Macmillan. ISBN 978-1137278821.
  10. ^ M. Branson, Douglas. The Last Male Bastion: Gender and the CEO Suite in America's Public Companies.
  11. ^ "Avon's Andrea Jung: CEOs need to reinvent themselves". USA Today. 14 June 2009.
  12. ^ Jones, Del (15 June 2009). "Avon's Andrea Jung: CEOs need to reinvent themselves". USA TODAY. USA TODAY. Retrieved 23 April 2014.
  13. ^ "?". avoncompany.com. Archived from the original on 11 October 2011. {{cite web}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  14. ^ "Andrea Jung - Chairman & Chief Executive Officer, Avon Products, Inc". Avon Products.
  15. ^ "Bloomberg". Bloomberg.com.
  16. ^ Goudreau, Jenna (14 December 2011). "Andrea Jung And The Restless: Avon Replacing Longtime CEO". Forbes. Forbes.com LLC. Retrieved 29 October 2013.
  17. ^ Kowitt, Beth (30 April 2012). "Avon: The Rise and Fall of a Beauty Icon". Fortune. 165 (6): 106–114. Archived from the original on 22 February 2014. 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. {{cite journal}}: Unknown parameter |deadurl= ignored (|url-status= suggested) (help)
  18. ^ "#25 Andrea Jung". The 100 Most Powerful Women. Forbes. 19 August 2009.
  19. ^ "#3 Andrea Jung". The Worst CEOs of 2012. Bloomberg Businessweek. 13 December 2012.
  20. ^ "Andrea Jung's Biography". General Electric.
  21. ^ https://www.linkedin.com/pub/andrea-jung/9b/a7b/442
  22. ^ "Hospital Leadership". NewYork-Presbyterian Hospital. Retrieved 21 April 2014.
  23. ^ "Andrea Jung Joins Apple's Board of Directors". Apple Inc. 7 January 2008.
  24. ^ Farmer, Douglas (14 November 2013). "Business Marketing Gets Social" (PDF). The Town Common. Turley Publications. Retrieved 5 April 2014.
  25. ^ Tschampa, Dorothee (27 February 2013). "Daimler Nominates Avon Ex-Chief Jung to Supervisory Board". Bloomberg.com. Bloomberg L.P. Retrieved 27 March 2013.

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