Natura&Co.-owned Avon names Kristof Neirynck as CEO

In a statement addressed to the financial markets, Brazilian cosmetics group Natura & Co., owner of US cosmetics brand Avon, has announced that Angela Cretu will step down from the post of CEO of Avon on January 1, 2024. She will be replaced by Kristof Neirynck, the current global chief marketing officer and managing director Western Europe of Avon, which was bought by Natura & Co. at the end of 2019.
 

“Under Angela’s leadership, Avon initiated a successful turnaround strategy, streamlining its operating model and radically simplifying its portfolio. As CEO, Angela Cretu has relaunched Avon’s business,” said Natura & Co. in a press release.

Cretu, who has been with Avon for 25 years, and was appointed CEO in January 2020, will retain an advisory role. Before joining Avon in 2022, Neirynck was chief marketing officer at Walgreens Boots Alliance, notably in charge of the retail group’s beauty and wellness brands. He also worked at Procter & Gamble for 13 years.

“Kristof, a visionary leader, excels in business turnarounds and driving step-change growth. As global chief marketing officer for Avon for the past two years, he drove a complete brand relaunch and achieved significant gross margin improvement,” said Natura & Co., adding that Alessandro Carlucci, the former CEO of Natura Cosméticos, will be rejoining the group as senior advisor to Avon.

This senior executive reshuffle is taking place while Natura&Co., whose business was impacted by the pandemic, has sold off two of its brands: Aesop was bought by L’Oréal, and The Body Shop was recently acquired by the Aurelius Group investment fund.