Ex-Avon CEO to Lead Microlender Grameen’s U.S. Branch

Grameen America, the U.S. offshoot of Nobel Peace Prize-winner Muhammad Yunus’s nonprofit microlender, has named former Avon Products chief executive Andrea Jung as its new leader, reports The Wall Street Journal.

Ms. Jung said Mr. Yunus approached her late last year about taking over and expanding Grameen America, which makes small loans to help low-income women start businesses and currently operates in 10 U.S. urban areas. She will join the organization toward the end of this month.

Ms. Jung stepped down as CEO in April 2012 amid investor outcry over poor results and an investigation into claims that the global beauty-products firm bribed officials overseas. After making as much as $13.2-million as Avon’s CEO and collecting $1-million a year as a company adviser afterward, she will work without pay at Grameen. “I wanted to pay it forward at this point in my life,” she said.