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Avon CEO steps down as sale to Natura closes

Authorities searching for a car that drove off a cliff in California, Avon CEO has stepped down ahead of the company’s merger and Instagram’s use hits a new low. FOX Business’ Lauren Simonetti with more. Video

The sale of Avon Products to Natura & Co will close on Friday, beginning the next chapter in Avon's 130-year history.

At the same time, Avon CEO Jan Zijderveld will step down as chief executive officer, handing leadership to Natura & Co. Executive Chairman Roberto Marques.

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In his nearly two years at Avon's helm, Zijderveld was instrumental in turning Avon into a digital beauty company by modernizing its model.

He came on board in February 2018 after a 30-year career as an executive at Unilever.

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Joining a group that includes Natura, The Body Shop and Aesop, Avon will become part of the world's fourth-biggest pure-play beauty company.