Former Avon chief to run Grameen America
NEW YORK (AP) — The former head of Avon is now leading Grameen America, a group that provides small loans to poor women entrepreneurs in the U.S.
Andrea Jung was chief executive of the beauty products company from 1999 through April 2012 and served as chairman through the end of that year. She came under fire for failing to stem Avon’s sales declines and left amid an overseas bribery investigation.
Grameen America has given out $140 million in small loans to more than 20,000 women since it was founded by Nobel Peace Prize-winning Muhammad Yunus in 2008, according to the group’s website.
Yunus also founded the Grameen Bank in Bangladesh, which pioneered small loans for the poor.