Avon Products (AVP) Names New EVP, CFO: COO Scully Will Resume Role

December 1, 2016 6:41 AM EST

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Avon Products, Inc. (NYSE: AVP) announced the appointment of Jamie Wilson as Executive Vice President and Chief Financial Officer, effective January 1, 2017. Mr. Wilson will be responsible for all finance functions and will report directly to Avon's Chief Executive Officer, Sheri McCoy.

Avon's current Chief Financial Officer and Chief Operating Officer, James Scully, will continue to serve as Chief Operating Officer through 2017. Mr. Scully will continue to be responsible for the Global Supply Chain and Information Technology functions, as well as lead the Project Management Office for Avon's Transformation Plan.

The Company has made solid progress on its Transformation Plan, including accelerating the pace of the 2016 cost savings initiatives and taking actions to significantly improve the Company's balance sheet. In addition, as previously announced, Avon is establishing its corporate headquarters in the UK. The Company began transitioning key members of its leadership team to the UK in October 2016 and is on track for the headquarters to be fully operational in January 2017.

"I'm thrilled to have attracted someone of Jamie's caliber to join our Avon Products team. Jamie has a proven track record of strong financial leadership over an impressive and diverse career. That, along with his breadth of consumer expertise in international markets, will be immensely valuable as we continue to deliver on the Company's Transformation Plan," said Ms. McCoy.

Mr. Wilson commented, "I am very pleased to join the team of this iconic global brand during such a pivotal time for the Company. I look forward to working with Sheri, Jim, and the entire Avon team to drive the Company's financial and strategic goals, while delivering on the Company's important mission of empowering women around the world."

Ms. McCoy added, "Jim is an outstanding leader and has been instrumental in helping the Company navigate through the past two years as we addressed some of our key challenges and defined our Transformation Plan moving forward. I'm pleased that Jim has agreed to stay with Avon through 2017 to support the transition, continuing as COO and leading the Project Management Office for Avon's Transformation Plan – a critical role in ensuring that we operationalize the commitments we have made."

Mr. Scully stated, "Avon has made significant progress over the last year, and I am happy to continue to be part of the team as we strategically position the Company for its next chapter. I look forward to continuing to drive forward our transformation plan and working with the entire Avon team as we position the Company to deliver sustainable, long-term profitable growth."

Prior to joining Avon, Mr. Wilson served as CFO of SABMiller, an international brewing and beverage company headquartered in London, from 2011 to 2015. Mr. Wilson joined SABMiller in 2005 as Director of Strategic Projects and held numerous roles over his ten years at the company, including managing director in Russia as well as managing director of Central Europe. During Mr. Wilson's tenure as CFO at SABMiller, the company experienced a 50% share price appreciation as well as double digit profit growth per annum. He was instrumental in transforming the company from a regionally autonomous portfolio to a globally integrated organization, achieving significant cost savings. Notably, Mr. Wilson also played a key role in the $11.5B acquisition and integration of the Fosters business.

Prior to SABMiller, Mr. Wilson was Strategy and Projects Director at Scottish & Newcastle, where he successfully led the strategy function across the group. Additionally, Mr. Wilson spent several years at Highland Distillers, where he held a variety of positions, most notably Group Finance Director. During his tenure at Highland Distillers, Mr. Wilson successfully modernized the finance function and delivered against notable corporate activity. Additionally, he created a separate company to house all production, and developed Maxxium, a €1.2 billion three-way joint venture with Remy Cointreau and Jim Beam with which he moved to Paris as the new company's Chairman. Mr. Wilson began his professional career at Deloitte Haskins & Sells after completing his law degree at the University of Edinburgh.

Mr. Wilson will be based at the Avon Products UK headquarters.



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