So the CEO of Avon made $13.3 million in 2006, good for her.
Funny thing, no where in the recent news did I see how much the Avon distributors made. I saw how the CEO cut costs and how the stock has gone up, but no news about the Avon lady.
This has been a theme for me here at MultiLeveler so I apoligize if I am beating a dead horse, but how can a $13.3 million bonus for the CEO be good for the individual reps at Avon?
Avon Products Inc., the world's largest door-to-door seller of cosmetics, paid Chief Executive Officer Andrea Jung $13.3 million in 2006 after she reduced expenses.
Jung, 48, received a salary of $1.38 million, stock awards valued at $4.24 million and $3.97 million in options, Avon, based in New York, said today in a U.S. regulatory filing.
Jung received a $3.3 million bonus last year after she reduced costs by $100 million, including plant closures and job cuts. Avon's shares have risen 40 percent since the November 2005 restructuring plan was announced. She received no bonus in 2005.
Jung, who became CEO in 1999, received compensation of $7.63 million in 2005, according to a filing last year with the U.S. Securities and Exchange Commission. Her salary was the same as in 2006.
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