Natura announces 3 additions to board ahead of Avon acquisition

By

Robin Driver

Published
Dec 19, 2019

Brazilian beauty conglomerate Natura & Co announced on Tuesday that three new members will be joining its board of directors from Avon Products, Inc. when it closes its acquisition of the company, an operation it expects to complete in the first quarter of 2020.

With the arrival of the three new members, all of whom currently serve on Avon’s board, Natura’s board of directors will have a total of 13 members, nine of whom will be independent.
 
First among the new additions is Nancy Killefer, who has served on Avon’s board since 2013, when she stepped down from her position as a senior partner at international management consulting firm McKinsey & Company. Killefer had worked at McKinsey since 1979 and held a range of different leadership roles at the firm.

Andrew G. McMaster will also be joining Natura’s board, bringing over a decade of experience as deputy CEO and vice chairman at Deloitte & Touche LLP with him. He retired from this role in May 2015 and has been serving as the chair of the audit committee on the Avon Products board since 2018.

Finally, former chairman and CEO of Granite Broadcasting Corporation W. Don Cornwell has been a member of Avon’s board since 2002. His previous experience also includes time spent as COO of Goldman Sachs & Co’s corporate finance department.
 
“I am delighted to welcome the new members of the board to the Natura & Co family,” said Natura executive chairman Roberto Marques in a release. “I am sure their broad experience and deep knowledge of Avon will empower our entrepreneurs and associates, while helping to grow our high-touch, high-tech direct to consumer businesses.”
 
Natura and Avon first confirmed that they were in talks about a possible takeover in March of this year and announced that they had finalized an agreement in May.
 
The all-stock offer of around $2 billion will result in Natura shareholders holding 76% of the new company, which will have annual revenues of more than $10 billion.

The acquisition will make Natura, which already owns The Body Shop and Aesop, as well as its namesake brand, the fourth largest cosmetics company in the world, boasting 3,200 stores spread over 100 countries.