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The
Barington nominee will have to be jointly selected by Avon and
its top investor Cerberus Capital Management, which bought a
majority of Avon's North America business earlier this month.
"We are pleased to have reached this settlement agreement with
Barington, which allows us to avoid a potential proxy contest,"
said Chan Galbato, Avon's non-executive chairman.
Avon also named former FedEx Corp <FDX.N> executive Cathy Ross
to its board on Monday.
The Barington-led group, including NuOrion Partners AG, proposed
a restructuring of Avon in December, asking to add new
independent directors and recruit a new senior management team.
The Barington-led group owns a more than 3 percent stake in
Avon.
Reuters had reported on Sunday that Avon was close to a deal
with activist investors in which it will add a new independent
director to its board in exchange for the activists backing away
from a proxy fight.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by
Shounak Dasgupta)
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