The longest serving female CEO at a major American company will soon be looking for a new gig.  Yesterday, Avon Products announced that it was launching an executive search to replace Andrea Jung, its CEO for the past 12 years.  Once a replacement has been found, Jung will step aside.

It’s a little strange to see a publicize a CEO search while the current chief is still in office, but the 125-year-old company has seen its stock drop by 45 percent in 2011.

Jung really won’t be looking for a new job anytime soon.  She’ll hold the title of Chairman for the next two years and plans to help the board draft a suitable replacement.

“Andrea made this recommendation to the board and believes a new CEO will provide a fresh lens,” says Avon spokeswoman Jennifer Vargas. “She will work closely with the board on strategic vision and will continue her roles in motivating the sales team and with the Avon Foundation for Women.”

Vargas says there is currently no timeline for finding and installing a replacement.

This year got off to a hot start for Avon, as Jung touted first-quarter profits that almost tripled from a year ago, but a third quarter earnings report indicated that current sales targets would be unattainable and admitted that two ongoing SEC probes could be problematic.

The three-year investigation into the alleged bribery of foreign officials has already led to the ouster of four Avon execs and caused concern among the company’s investors.

The next CEO will have their hands full.  Avon has a sales force that isn’t contractually employed and is global, with shrinking businesses in developed markets.  Some are hoping that the new CEO embraces a complete organizational overhaul, one that focuses more on the internet.

Jung, 53, has been a longtime symbol of female empowerment, often underscoring Avon’s role in offering entrepreneurial employment opportunities to the 95 percent female representatives who sell the company’s products.

She is also one of the few women on the boards of both Apple and General Electric. Jung was ranked at No. 64 this year on the FORBES list of the World’s 100 Most Powerful Women.