Avon Products Inc. (Avon) and Cerberus Capital Management, L.P. (Cerberus) announced the close of their strategic partnership transaction. This partnership includes the separation of Avon's North America business into a privately-held company that is majority-owned and managed by an affiliate of Cerberus. The North American business will operate under the name New Avon LLC.

As previously announced, upon the closing, the Avon Products Inc. Board of Directors will now consist of Chan Galbato (non-executive Chairman), W. Don Cornwell (lead independent Director), Sheri McCoy, Nancy Killefer, Susan Kropf, Steven Mayer, Helen McCluskey, Charles Noski, and Michael Sanford, with two additional independent directors to be jointly selected by Avon and Cerberus. Six Directors who had previously served on the Avon Board have stepped down: Douglas Conant, Paula Stern, V. Ann Hailey, Maria Elena Lagomasino, Sara Mathew and Gary Rodkin.