Summary of AVON PRODUCTS INC

Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(b) On September 17, 2009, Avon Products, Inc. (the "Company") announced that Elizabeth Smith, President of the Company, will be leaving the Company effective October 30, 2009 to pursue her long-time leadership aspiration to be a chief executive officer. The Company does not have immediate plans to replace Ms. Smith in her current role, and Ms. Smith's responsibilities will be assumed by Andrea Jung, the Company's Chairman and Chief Executive Officer. The global business units that reported to Ms. Smith will report directly to Ms. Jung, as they did before the appointment of Ms. Smith as President in 2007.

(e) As previously disclosed, at the commencement of Ms. Smith's employment in January 2005, she entered into a letter agreement providing for, among other things, separation benefits. Consistent with this agreement, the Company entered into an agreement with Ms. Smith on September 16, 2009 (the "Separation Agreement") providing for her departure as President, effective as of October 30, 2009 (the "Separation Date"), and compliance with certain non-solicitation, non-competition, confidentiality, non-disparagement, and cooperation provisions. The Separation Agreement also provides for twenty-four months' base salary, pro-rated annual and long-term bonuses and a pro-rated portion of performance contingent restricted stock units in accordance with the terms of the applicable bonus and stock plans, and continued participation in medical and other benefit programs, as well as the continuation of certain perquisites and stock option vesting, for specified periods of time. In addition, the Separation Agreement includes Ms. Smith's general release of claims against the Company.

The foregoing does not constitute a complete summary of the terms of the Separation Agreement, and reference is made to the complete text of the agreement, which is attached hereto as Exhibit 10.1.