Avon Approaches HSN Executive to Replace Andrea Jung
Avon Products Inc. has approached HSN Inc. Chief Mindy Grossman to replace longtime Chief Executive Andrea Jung, according to a person familiar with the matter.
It is unclear as to how many other candidates are being considered for the position, reported the Wall Street Journal.
Mindy Grossman joined HSN in 2006 after six years at Nike Inc. and another five running Polo Jeans Co. and took the company public in 2008, when it was spun off from IAC/InterActiveCorp. For the first nine months of 2011, HSN’s sales grew by an astonishing 6.8% to $2.2 billion.
Avon reported a fourth-quarter loss Tuesday, due to a write-down on a jewelry acquisition, and said it plans to cut costs through layoffs and other moves.
Layoffs made won’t be as extensive as prior restructurings, said the company. A more comprehensive overhaul will be put off until a new CEO is on board, Avon said.