Avon Products Inc. is beginning its search for a new chief executive officer to replace Andrea Jung, who will remain with the company as a chairman at the beginning of the New Year.

I believe the time is right to separate the Chairman and CEO roles and I look forward to continuing to serve Avon as Chairman as we address the company's growing scale and opportunities, Jung said in a press released. Over the past twelve years we have transformed the business from a decentralized group of local operating entities to a globally-managed business in over 100 countries with global brands and a global operating model.

She added that in the process, revenues more than doubled and so did the number of representatives.

As we look to the future, Avon's business model remains advantaged, with both the Beauty and Direct Selling industries growing around the world, and with our broad, geographic footprint, Jung said. A new CEO will provide a fresh lens and additional operational and executive leadership.

Jung has been Avon's CEO since 1999, according to the company.

MSNBC has reported that investors are angry at Jung because of tumbling sales and a federal probe regarding whether the company broke bribery laws overseas.

Back in October, Avon said that the Securities and Exchange Commission was investigating its contact during 2010 and 2011 with certain analysts and other in the financial community. The SEC was also conducting a bribery investigation and checking whether the violated disclosure laws in contacts with analysts and others, according to MSNBC.

Ali Dibadj, analyst at Sanford C. Bernstein, told MSNBC that Avon's stock has been cut in half this year.

The trust between investors and management has been severed, Bernstein said. There have been a few times where expectations have been laid out there and have not been met.

The Wall Street Journal reported that the company's stock has fallen 45 percent so far this year.

Jung will help the board to find her replacement. She is said to be responsible for helping the company's growth in the late 1990s and early 2000s.