Avon Products chairman to step down

Associated Press Modified: October 5, 2012 at 5:17 pm •  Published: October 5, 2012
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Avon, whose products include Skin So Soft lotion and Mark makeup, has struggled for years to turn around its results at home and in emerging markets. In August the company said its second-quarter net income fell 70 percent, hurt by the stronger dollar and lower demand globally for its makeup and skin-care products.

Meanwhile, it is dealing with a bribery probe. The problems began in 2008, when it started to investigate possible bribery in China related to travel, entertainment and other expenses, and soon widened the probe to other countries, with the Securities and Exchange Commission and Justice department getting involved.

In September, the SEC decided it wouldn't recommend any action against the company over whether Avon contacted analysts inappropriately during a separate bribery investigation. But it still faces wider probes about possible bribery in China and other countries.

Shares of Avon Products Inc. rose $1.17, or 7.2 percent, to close at $17.39 Friday. The stock had been down about 7 percent since the beginning of the year.

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