Andrea Jung | |
|---|---|
Jung at theInternational Women of Courage Awards, 10 March 2010 | |
| Born | (1958-08-28)August 28, 1958 (age 67) Toronto, Ontario, Canada |
| Alma mater | Princeton University (A.B.) |
| Occupations | President, CEO ofGrameen America |
| Spouse | Michael Gould (divorced) |
Andrea Jung (Chinese:鍾彬嫻;Cantonese Yale:jūng bān hàahn,Jyutping:zung1 ban1 haan4;pinyin:Zhōng Bīnxián; born September 18, 1958[1]) is a Canadian-American executive, non-profit leader, and prominent women's-issues supporter based inNew York City. In April 2014, she became president and CEO ofGrameen America, anonprofitmicrofinance organization founded byNobel Peace Prize winner,Muhammad Yunus.[2] From 1999 until 2012, she served as the first female CEO and chairman ofAvon Products, Inc., amulti-level marketing company. Jung was also the first woman to serve as Chairman of the Cosmetic, Toiletry & Fragrance Association, and Chairman of the World Federation of Direct Selling Associations.[3][4]
Jung received the 2010Clinton Global Citizen Award for her leadership of theAvon Foundation for Women and other public-private partnerships to end violence against women and to stem the breast cancer epidemic. Under her leadership, the Avon Foundation for Women raised and awarded nearly US$1 billion to support health and empowerment causes, becoming the largest women-focused corporatephilanthropy around the world.[5]
After resigning her CEO role at Avon, Jung continued as chair of Avon's board of directors through the end of 2012 and then as a senior advisor to Avon's board through April 2014.[6][7]
Jung was born inToronto, Ontario in 1958 and raised inWellesley, Massachusetts.[8] As a child, she studied the piano and took lessons in Mandarin on Saturday mornings.[9]
Her mother is a Shanghai-born amateur pianist. Jung's father is a Hong Kong-born retired architect, formerly a partner atTRO Jung Brannen, who also taught at theMassachusetts Institute of Technology. Jung graduated magna cum laude with an A.B. in English fromPrinceton University in 1979 after completing a senior thesis titled "The Fiction ofKatherine Mansfield: Reconciliation of Duality."[10] She is fluent inMandarin.[11] Her brother,Mark Jung, also graduated from Princeton University and went on to become co-founder and CEO ofIGN which he continued to run after its acquisition byNewsCorp.[12]
Jung was executive vice president ofNeiman Marcus, responsible for all of women's apparel, accessories, and cosmetics.[8] Before that, she was senior vice president, general merchandising manager, forI. Magnin.[13]
Jung joinedAvon Products, Inc. in 1994 as the company's president in its product marketing group. She became president of global marketing in 1996 and executive vice president/president of global marketing and new business in 1997. Her responsibilities at that time centered primarily around market research, joint ventures and strategic planning. She then became president and chief operating officer, with responsibility for all business units of Avon worldwide. She has been on the company's board of directors since 1998. In November 1999, Jung was promoted to chairman of the board and chief executive officer.[14]
In December 2011, Avon announced that it had initiated a search for a new chief executive with Jung helping to choose her replacement and continuing as chairman of the board for the next two years. Avon faced several controversies at the time of her resignation. The company's stock had dropped 45 percent in 2011. Avon's third quarter earnings report stated that sales targets would be unattainable and disclosed that there were two ongoingSEC inquiries. Net income in the third quarter fell to $164.2 million, or 38 cents a share (below analysts' estimates of 46 cents a share), from $166.7 million, or 38 cents, a year earlier. The results marked the fourth time in five-quarters that profit trailed analysts' projections. There was also a three-year probe into an alleged bribery of foreign officials has already caused the dismissal of four Avon executives.[8][15][16][17]
Jung was named one ofForbes magazine's100 Most powerful women in 2004. In 2009, Forbes ranked her the 25th most powerful woman.[18] In 2012, she was named in the list of the worst 5 CEOs of 2012 byBloomberg Businessweek.[19]
In 2014, Andrea Jung became president and chief executive officer of a non-profit organization,Grameen America. This organization, founded byMuhammad Yunus, a Bangladeshi economist, "provided assistance, often in the form of microloans, to women looking to start small businesses."[20]
Jung has been married twice. Jung's second ex-husband,Michael Gould, was the CEO ofBloomingdale's, the first company she worked for after college.[28][29][30]
Jung has two children, an adopted son James "Jamie" Gould with her ex-husband Gould, and a daughter Lauren Christensen from her first marriage.[31][32][33]
Exclusive: As CEO of Avon, Andrea Jung made bad bets and missed opportunities. Now she's been replaced – and the 126-year-old company has a second bidder lining up.