经济学人下载:雅芳把老板钟彬娴给炒了

Avon boots out its boss
雅芳把老板给炒了

Andrea’s adieu
钟彬娴，再见！

An ugly mess at a beauty firm
化妆品公司的丑陋乱局

“YOU have got to go home tonight, Friday evening, and you have got to fire yourself,” a management coach once told Andrea Jung, the boss of Avon, an American beauty firm. The idea was for her to come back to work the following Monday as if starting her job anew. Alas, this brilliant tip was not enough. As Avon’s share price has wilted like mascara under a sunlamp, Ms Jung is being pushed out for real. On December 13th the firm announced that she will be replaced as chief executive. 

美国化妆品公司雅芳的一位经理曾对老板钟彬娴女士（Andrea Jung）说道：“你今晚必须回家，周五晚上，而且你必须辞职。”该想法是为了让她能在下周一犹如重新开始工作一样重返办公室上班。唉，这个聪明绝顶的小建议并不能起到明显作用。当雅芳公司股价像日光灯下的睫毛膏一样萎缩时，钟彬娴女士确实被推到风口浪尖。12月13日，公司宣布钟彬娴将只担任首席执行官一职。

The makeover will be gradual. Ms Jung, who has run Avon since 1999, will stay on as chairman and help the board find a new boss. It will be a tough job for anyone. Avon is the world’s biggest direct-seller: an army of cheery salesfolk hawk its products door-to-door. The 125-year-old New York-based company has an annual revenue of over $10 billion and operations in more than 100 countries. But it has stumbled badly of late. Its share price has fallen by 45% this year (see chart).

该变动将会是平缓的。钟彬娴自1999年来执掌雅芳，她将留着主席的位置上并帮助董事会找到新的主席。这对任何人来说都是棘手的。雅芳是世界上最大的直销公司：雅芳有一支热情洋溢的销售大军，挨家挨户的推销产品。总部坐落在纽约的雅芳已经有125年的历史，年收入超过100亿美元，经营范围超过100个国家。但是最近雅芳发展严重受阻，其股价今年已经下跌了45%。

Ms Jung had a glossy start at Avon, presiding over six consecutive years of double-digit growth. Yet she failed to use these fat years to invest in the business. By 2005 the firm was looking blemished. Sales declined in major markets. The share price dropped. Ms Jung laid off 25% of senior staff and cut costs everywhere except for advertising and distribution.

钟彬娴女士在雅芳上任伊始非常顺利，代领雅芳连续六年创下增长率为两位数的记录。但是她并没有利用公司繁荣发展的这几年对业务进行投资。到2005年，公司发展出现问题，主要市场的销量下滑，公司股价下跌。钟彬娴解雇了25%的高级职员，并且全面消减除广告和配送方面的成本。

Avon never really recovered. In March 2009 Ms Jung launched the biggest hiring drive in the company’s history and nearly doubled the marketing budget. She saw in the global economic crisis a chance to overtake Avon’s rivals. It didn’t work.

雅芳从未真正恢复。2009年3月，钟彬娴开始公司成立以来最大的招聘活动并且将营销预算将近翻了一番。她在全球金融危机中看到打败竞争对手的商机，但是却失败了。

Moreover, the company has spent more than $150m on an internal investigation of alleged corruption among sales representatives in China and Latin America. Several have been dismissed. America’s Securities and Exchange Commission is investigating, too. If Avon is found guilty of anything, the penalties could be steep. 

而且，公司耗资1.5亿美元对中国和拉美的销售代表中所谓的贪污行为进行调查，一些销售代表被解雇。美国证券交易委员会也进行调查。如果雅芳被判定有罪的话，那么处罚将会非常严重。