Avon Products, Inc. (NYSE:AVP) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b)On August 3, 2017, Avon Products, Inc. (the “Company”) announced that Sherilyn McCoy willstep down as Chief Executive Officer effective as of March 31, 2018. Ms. McCoy will also cease to be a member of the Board of Directors on such date.
(e) The Company and Ms. McCoy have entered into a letter agreement, dated August 2, 2017. Under the agreement, Ms. McCoy will continue to be Chief Executive Officer and a member of the Board untilMarch 31, 2018in accordance with her current terms and conditions of employment, except thather annual incentive bonus for 2017 will not be less than 50% of her target annual incentive and she will not be eligible to receive annual or long-term incentive awards with respect to 2018.If the Company determines that Ms. McCoy’s successor will be appointed prior to March 31, 2018, Ms. McCoy will continue to be employed as an advisor untilMarch 31, 2018on her current terms and conditions of employment.
Ms. McCoy will be eligible to receive termination benefits in accordance with the Company’s plans and arrangements. For this purpose, Ms. McCoy’s termination will constitute an involuntary separation other than for cause.
The foregoing description of theagreement is a summary of its material terms, does not purport to be complete and is qualified in its entirety by reference to the agreement, which is filed hereto as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01Financial Statements and Exhibits
(d) Exhibits
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Exhibit 10.1 |
Letter Agreement, by and between Avon Products, Inc. and Sherilyn McCoy, dated as of August 2, 2017. |
AVON PRODUCTS INC ExhibitEX-10.1 2 ex10-1.htm Exhibit 10.1 [Company Letterhead] Personal & Confidential August 2,…To view the full exhibit click here
About Avon Products, Inc. (NYSE:AVP)
Avon Products, Inc. is a manufacturer and marketer of beauty and related products. The Company’s product categories are Beauty, and Fashion and Home. Beauty consists of skincare (which includes personal care), fragrance and color (cosmetics). Fashion and Home consists of fashion jewelry, watches, apparel, footwear, accessories, gift and decorative products, housewares, entertainment and leisure products, children’s products and nutritional products. The Company’s segments are based on geographic operations and include commercial business units in Latin America; Europe, Middle East and Africa, and Asia Pacific. The Company’s business is conducted primarily in one channel, direct selling. The Company’s products include Anew Clinical Overnight Hydration Mask, Anew Power Serum, Ultra Color Indulgence Lip Color, SuperExtend Winged Out Mascara, Big & False Lash Volume Mascara, Outspoken Party! by Fergie Fragrance and Avon Attraction for Him and for Her Fragrances.
