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Avon Products Inc. (AVP: News ) announced after the close Tuesday that in 2012 the company will separate the roles of Chairman and Chief Executive Officer. The company said that Andrea Jung, Avon’s Chairman and CEO, will be named Executive Chairman, and that a committee of the Board of Directors will work with Ms. Jung to undertake an external search for a CEO. The stock is now up 0.69 on 172K shares.

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