Avon Chairman Hassan Resigns from Board

Avon Products Inc. (AVP) said Chairman Fred Hassan, known in the industry as a savvy deal maker, has resigned from the board, just months after taking the chairman post.

Mr. Hassan stepped down to "focus more time on his other professional commitments," the beauty-products company said.

Mr. Hassan also serves as non-executive chairman of eye-care company Bausch & Lomb Holdings Inc.--which is currently planning to go public--and is a partner at private-equity firm Warburg Pincus.

"My other professional commitments have intensified, requiring more focus. So I have decided it is in the best interest of Avon for one of my board colleagues to take on the chairmanship," Mr. Hassan said in a statement.

Current board member Doug Conant has been elected to the position of non-executive chairman, Avon said. He is the former CEO of Campbell Soup Co. (CPB).

Mr. Hassan started as Avon's chairman at the beginning of the year, taking over for embattled former chief executive Andrea Jung. His move into the chairman role and previous achivements--such as orchestrating the sale of Schering-Plough to Merck & Co. (MRK) for nearly $50 billion in 2009--was viewed favorably by investors.

Avon has faced deep investor dissatisfaction in the last year as it failed to deal quickly with poor results in important overseas markets, as well as a messy federal probe into allegations of bribery of officials overseas.

Shares, which closed Thursday at $22.35, were inactive premarket. The stock is up 56% since the start of the year.

Write to Mia Lamar at [e-mail]

Subscribe to WSJ: http://online.wsj.com?mod=djnwires