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Avon CEO to step down after Natura deal closes

Avon Products Inc. said Jan. 3 that CEO Jan Zijderveld will step down effective immediately with the pending closing of the company's sale to Natura & Co.

Natura said the deal is expected to close Jan. 3. Natura Executive Chairman Roberto Marques will assume the role of group CEO.

The Brazilian beauty-product maker also organized four business units based on the group's strategic priorities: Natura &Co Latin America, Avon, The Body Shop and Aesop.

The Natura Latin America unit will be responsible for the profit and loss of Natura, Avon, The Body Shop in the region and Aesop in Brazil. Joao Paulo Ferreira will be the CEO of Natura Latin America. He previously served as the CEO of Natura.

The Avon unit will be responsible for the company's operations across Europe, Africa, the Middle East and Asia, excluding Latin America. This unit will also be in charge of Avon brand innovation and stewardship globally, as well as the Natura brand's international expansion in the future.

Angela Cretu has been named CEO of Avon. Cretu was most recently the group vice president and general manager of the company's central Europe region.

David Boynton and Michael O'Keeffe will continue as CEO of The Body Shop and Aesop, respectively.

In May 2019, Natura announced the deal to buy Avon for an enterprise value of $3.7 billion. Natura Cosméticos' shareholders will own about 76% of the combined company, while Avon common shareholders will have about a 24% stake.

Avon shareholders approved the sale in November 2019. The transaction also got approval from Brazilian competition watchdog CADE.

Natura, which trades on the B3 stock exchange in São Paulo, expects to start trading through ADRs on the New York Stock Exchange on Jan. 6.