Avon Products named longtime Procter & Gamble executive Gustavo Arnal as its new CFO as it seeks to implement a new long-term growth strategy.
The direct-selling beauty company said Thursday that Arnal will replace Jamie Wilson, who is stepping down after two years as its finance chief to pursue “a range of professional business opportunities in the next stage of his career.”
Arnal has spent the past year as CFO of the international divisions of Walgreens Boots Alliance. He previously served in a variety of finance roles at P&G, including CFO of its Global Personal Beauty Care unit where he oversaw iconic brands such as SK-II, Olay, Secret, and Max Factor.
“Gustavo joins us at a critical time, as we continue to build Avon into the digital social selling beauty company for the future,” Avon CEO Jan Zijderveld said in a news release.
He noted a “key component” of the “Open Up Avon” strategic plan that Avon unveiled in September is “accelerating our revenue and margins by 2021, and we are confident that Gustavo will be an asset to our leadership team as we continue our work to drive financial and operational performance for the benefit of shareholders.”
The plan represents a further shift from Avon’s traditional door-to-door sales model to modernizing and digitalizing the company so that its consumers have access to its products at any time. On the financial side, it is planning near-term cost savings and capital investments with a focus on value creation and simplification.
Arnal described Avon as “an iconic brand, operating in significant growth markets and categories throughout the world.”
“I was attracted to Avon by the recently announced transformation plans that demonstrate a clear vision and strategy to deliver results in growing beauty categories, emerging markets and the direct selling industry,” he added.
Arnal was educated in Venezuela and at the Wharton and IMD business schools in Philadelphia and Switzerland, respectively.
Zijderveld also thanked Wilson for helping “to define the plans for our strategy, while significantly strengthening the balance sheet to support our stated growth plans.”