Avon appoints a new chief executive

PR NEWSWIRE

Sheri McCoy has been named CEO of Avon Products.

By msnbc.com staff

Cosmetics company Avon Products, which has been struggling with declining sales and a bribery investigation, has tapped Sherilyn McCoy, a former Johnson & Johnson executive, as its new chief executive officer.

McCoy succeeds Andrea Jung in her new role as leader of Avon. Jung will stay on as executive chairman of the company after McCoy takes over. McCoy will also serve as a director on the company's board, the company said in a statement.

The leadership change follows a takeover attempt by Coty, smaller company, but a rival in the global beauty business, which earlier this month offered approximately $10 billion to take over Avon. After carefully considering the offer, Avon rejected the offer, calling it ?opportunistic? and ?not in the best interest of Avon?s shareholders.?

Known in the U.S. for its ?Avon ladies,? who sell Avon?s products door to door and to friends and family, Avon has struggled in recent years, turning in poor performances in key markets such as Brazil and Russia.

The company has also suffered from a leadership vacuum.

Avon said late last year it has begun a search to replace?chief executive Jung. Jung has attracted the ire of investors because of slumping sales and a federal?probe about whether the company broke bribery laws overseas.

Before joining Avon, McCoy spent 30 years at Johnson & Johnson, where she rose to become vice chairman of the company's pharmaceutical, consumer, corporate office of science and technology, and information technology divisions.

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