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News Summary: Avon chairman steps down

The Associated Press

THE CHANGE: Avon Products Inc.'s non-executive chairman has resigned from the company's board, marking its latest management change.

THE HISTORY: Fred Hassan had just become chairman at the start of the year, replacing the direct seller of beauty products' longtime leader, Andrea Jung. He was replaced by Doug Conant, a current director on Avon's board and the former CEO of Campbell Soup Co.

THE RESTRUCTURING: Avon brought in a new CEO a year ago. It's working to cut costs, aiming for $400 million in savings by 2016.