Cosmetics company Avon Products today announced that its Board of Directors has appointed Sherilyn S. McCoy as Chief Executive Officer. Ms. McCoy will join Avon effective April 23, 2012, and will also serve as a director on the company’s Board.
Sheri McCoy, 53, succeeds Andrea Jung after a 30-year career at Johnson & Johnson, where she rose to become Vice Chairman of the company’s Pharmaceutical, Consumer, Corporate Office of Science & Technology, and Information Technology divisions, where she was overseeing more than 60% of J&J’s US$ 65 billion in revenues. Her responsibilities included stewardship for a broad portfolio of world-famous consumer brands including brands such as Neutrogena, Aveeno, Lubriderm, Clean & Clear and ROC.
"The Board conducted an extensive search among many world-class candidates across the direct selling, retail and consumer sectors, and Sheri emerged as the clear choice to take Avon into the future,” said Fred Hassan, lead director of Avon’s Board.
As previously announced, Andrea Jung, currently Avon’s Chairman and CEO, will continue to serve the company as Executive Chairman once Sheri McCoy assumes the CEO position.
Avon Products, which has been struggling with declining sales and a bribery investigation, is also the object of a takeover attempt by rival global beauty company Coty.