It seems like Avon Products, Inc. (NYSE:AVP) waited too long to oust Andrea Jung from the CEO position, as shares have risen since news of her departure broke.

MSNBC reported that Avon shares rose nearly 10 percent as of Wednesday morning, one day after the 125-year-old company announced that Jung will be replaced as CEO.

Avon issued a press release on Tuesday noting that young will be removed from the CEO position and will continue as chairman in 2012. Jung will help the company find a replacement.

Investors seemed to have been thrilled to hear that Avon was separating the roles of chairman and CEO, as it sent shares up.

Avon's share price dropped about 45 percent so far this year.

Avon announced that it was being investigated by the Securities and Exchange Commission regarding bribery and whether the company violated disclosure laws in contacts with analysts and others, MSNBC reported.

Jung who has been the CEO since 1999 has said that she believe it is the right time to separate the roles of chairman and CEO.

A new CEO will provide a fresh lens and additional operational and executive leadership, she said in a statement.

To her credit, Jung helped Avon break into emerging markets, enabling it to grow in the late 1990s and early 2000s.

Avon's competitors, Estee Lauder and Revlon, stocks went up 33 percent and 47 percent respectively so far this year, according to reports.

Nyse