Amid continued turnaround efforts, Avon Products Inc. has elected Jose Armario, a former senior executive with McDonald’s Corp., to its board of directors.
Armario is one of two independent directors jointly appointed by Avon and Cerberus Capital Management LP, the private-equity firm that purchased Avon’s North America business nine months ago. For an investment of $605 million, Cerberus acquired an 80.1 percent stake in Avon North America, which it subsequently took private, as well as a 16.6 percent stake in Avon Products Inc.
The changes extend to Avon’s board, which now consists of six Avon directors, three from Cerberus and two independent directors. An activist investor, Barington Capital Group LP, also had a say in Armario’s appointment, after agreeing to withdraw its opposing board bids in a March deal with Avon.
“I’m delighted that Jose is joining the Avon Board,” Sheri McCoy, CEO of Avon Products, said in the company’s announcement. “He has firsthand consumer experience in many of Avon’s most important markets, and his insights will be valuable as we continue to execute our transformation plan.”
Before retiring from McDonald’s in 2015, Armario served as Executive Vice President, Worldwide Supply Chain, Development and Franchising. In that capacity he oversaw annual supply chain purchases of $25 billion, as well as $1 billion in new store capital. Armario spent nearly two decades with McDonald’s, in roles that included Group President of Latin America and Canada as well as President and International Relationship Partner of Latin America, where he is credited with leading the company’s turnaround in the region.
“I am pleased to join the board of this global, iconic brand, and look forward to working with my fellow board members as well as the executive team during such a dynamic time,” said Armario. “Avon’s rich history is particularly important to me personally, as my own mother spent several years as an Avon Representative upon immigrating to the United States from Cuba.”
Armario began his career at Burger King Corp., followed by a stint at LensCrafters Inc. Currently, he serves on the President’s Council of the University of Miami and the board of building materials manufacturer USG Corp., where he sits on the Audit Committee and the Compensation and Organization Committee. As a member of the Avon board, Armario will serve on the Compensation and Management Development Committee.