NEW YORK (AP) -- Avon Products Inc. is shifting its CFO to a new position and seeking a new finance chief as it reorganizes management after a disappointing fourth quarter.
Chief Finance and Strategy Officer Charles Cramb, 64, has been named vice chairman of Avon's new group that will oversee operations in developed markets including North America, Western Europe, the Middle East and Africa.
Another group will oversee developing markets including Latin America, Central and Eastern Europe and Asia Pacific, including China. That group will be led by Charles Herington, 51. He currently oversees Latin America and Central and Eastern Europe.
Avon is seeking Cramb's replacement as CFO. Cramb will continue to serve that role until a replacement is named.
Shares rose 85 cents, or 3 percent, to $28.79 in premarket trading.
Chief Finance and Strategy Officer Charles Cramb, 64, has been named vice chairman of Avon's new group that will oversee operations in developed markets including North America, Western Europe, the Middle East and Africa.
Another group will oversee developing markets including Latin America, Central and Eastern Europe and Asia Pacific, including China. That group will be led by Charles Herington, 51. He currently oversees Latin America and Central and Eastern Europe.
Avon is seeking Cramb's replacement as CFO. Cramb will continue to serve that role until a replacement is named.
Shares rose 85 cents, or 3 percent, to $28.79 in premarket trading.