The news for Avon, hammered by and SEC investigation and poor earnings got worse. The Wall Street Journal reports that a foreign bribery case will be presented to a grand jury.
Authorities are focused on a 2005 internal audit report by the company that concluded Avon employees in China may have been bribing officials in violation of the Foreign Corrupt Practices Act, according to three people familiar with the matter. Avon had earlier said it first learned of bribery allegations in 2008
The turmoil at Avon has been worsened by the resignation of a vice chairman, who oversaw foreign operations, and the board’s demotion of Andrea Jung, Avon’s CEO since 1999. She will become executive chairman. Her job change has drawn protests because her tenure has been so poor that many think she should leave altogether
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