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Investors and analysts have long criticized Avon for being slow to react to declining results and slow to wrap up the bribery investigation. But Cramb's firing seems to indicate Avon's board is getting more aggressive, analysts said. "From the start of the bribery investigation, Avon has consistently maintained that neither CFO Cramb nor CEO Andrea Jung were implicated in the investigation," said Citi Investment Research analyst Wendy Nicholson. "Our interpretation of today's news is that as far as Cramb is concerned, perhaps that message was in error." BMO Capital Markets analyst Connie Maneaty said the move was "one of many Avon will take to reestablish management credibility and return the company to firm financial footing." Avon shares fell 20 cents, or 1.1 percent, to $17.78 in midday trading Tuesday.
[Associated
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