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 Officers
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory
Arrangements of Certain Officers.
that James Wilson will join the Company as Executive Vice
President and Chief Financial Officer reporting to the Chief
Executive Officer. Mr. Wilson is expected to join the Company
beginning January 1, 2017 (the Commencement Date). Upon the
Commencement Date, James S. Scully will no longer serve as Chief
Financial Officer of the Company but will continue, through 2017,
to serve the Company in his capacity as Executive Vice President
and Chief Operating Officer and will continue to be responsible
for the Global Supply Chain and Information Technology functions,
as well as lead the Project Management Office for Avons
Transformation Plan.
SABMiller plc, 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. Prior to SABMiller, Mr. Wilson was Strategy and
Projects Director at Scottish Newcastle plc, where he led the
strategy function across the group.
of employment agreement with Avon Cosmetics Limited, a
wholly-owned subsidiary of the Company, on November 29, 2016 (the
Agreement), which provides for the following key compensation and
benefits:
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an annual base salary of 550,000;
|
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an annual cash incentive opportunity with a target award
equal to 85% of earned eligible base salary, subject to achievement of performance goals; |
|
participation in the long-term incentive program for
similarly situated executives with an expected annual target award equal to 230% of eligible base salary, subject to achievement of performance goals; and |
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participation in the UK medical, insurance and pension
schemes and certain other perquisite and benefit programs on the same basis as similarly situated senior executives. |
Wilsons employment without cause, he is entitled to receive a
severance benefit of twenty-four months of base salary on the
basis that Mr. Wilson will enter into a settlement agreement
which shall include, for example, a general release of claims,
non-competition and non-solicitation provisions and other
covenants.
in Control Policy so that if his employment is terminated either
involuntarily without cause or for good reason, within two years
after a change in control, Mr. Wilson would be entitled to
receive two times salary and annual bonus.
guidelines, which provides for him to have an ownership target in
Company stock equal to three times base salary and he will be
expected to hold 50% of net shares acquired upon vesting of
equity awards until this target has been satisfied. Mr. Wilson
will also be subject to the Companys Amended and Restated
Compensation Recoupment Policy.
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. Avon Products, Inc. (NYSE:AVP) Recent Trading Information
Avon Products, Inc. (NYSE:AVP) closed its last trading session down -0.09 at 5.37 with 9,032,164 shares trading hands.
