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Avon CEO’s 2010 Pay Package Up 41%

Despite a decline in sales, Andrea Jung received a $9.9 million pay package.

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By: Jamie Matusow

Editor-in-Chief

Avon Products chairwoman and CEO Andrea Jung received a $9.9 million pay package in 2010, including a periodic performance bonus, according to an Associated Press analysis of a filing the company made with the Securities and Exchange Commission.

Jung, 52, received the same base salary of $1.38 million as in 2009, and she didn’t get stock awards or an annual bonus, according to the filing. But her total package rose 41% from 2009, largely because it was time for a long-term performance-based bonus that Avon pays top executives every three years. Jung’s was $5.4 million.

She also received option awards valued at nearly $3 million on the date they were granted plus other compensation of $189,968 including $80,107 for a car service.

In 2009, Jung and other executives received annual performance-based bonuses. Hers was $3.04 million. Some executives also received them in 2010, at lower levels than in 2009, along with their long-term performance bonuses. But Jung said in the filing that she should not get an annual performance bonus for 2010.

Avon’s 2010 net income of $606.3 million fell 3% from 2009, though its revenue rose 6% to $10.86 billion. The company’s fourth-quarter results were particularly disappointing: Its net income fell 15%, hurt by service disruptions in Brazil and weak performance in Russia, two of its largest markets.

Avon’s shares fell about 8% during the year.

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