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Avon Names New CEO

Avon Products, Inc.’s board of directors announced its appointment of Sherilyn S. (Sheri) McCoy as Avon’s new CEO. McCoy will join the company effective April 23, 2012, and will also serve as a director on the company's board.

Avon recently rejected an acquisition proposal from Coty, and the company also announced a change to its board of directors.

McCoy assumes leadership of Avon following a 30-year career at Johnson & Johnson, where she rose to become vice chairman of J&J’s pharmaceutical, consumer, corporate office of science and technology, and IT divisions. In this capacity, she served on J&J's executive committee with oversight of more than 60% of the company’s $65 billion in revenues and stewardship for a broad portfolio of consumer brands, including Neutrogena, Aveeno, Lubriderm, Clean & Clear and Roc.

William C. Weldon, chairman and CEO of J&J, said, "Sheri has made important contributions across Johnson & Johnson throughout her career. During these past several years, she was instrumental in helping to bring stronger strategic focus to our pharmaceutical business as it builds a robust pipeline and launches important new medicines; and to our consumer business as it leverages the success of its iconic brands and worked to resolve some recent challenges."

Fred Hassan, lead director of Avon's board, said of McCoy’s appointment, "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. Sheri has a unique combination of strategic and finely honed operational skills, a significant turnaround track record, global experience and people leadership. Given her consistent record of outperforming against new challenges, we have great confidence that under Sheri's leadership Avon can successfully execute against our strong long-term prospects."

Of her appointment at Avon, McCoy said, "I am extremely honored and excited to join Avon—a great company with an iconic brand and so much clear potential. I look forward to working with the team to develop and execute a road map to achieve the next phase of growth for the company."

As previously announced, Andrea Jung, currently Avon's chairman and CEO, will continue to serve the company as executive chairman once McCoy assumes the CEO position. McCoy will report to the company's board of directors.

"We are thrilled to have someone of Sheri's caliber assuming the leadership of Avon," Jung said. "Throughout her career at J&J, Sheri has had a demonstrated track record of successfully achieving results and driving change across highly diverse operating units with widely varying product lines, customers, distribution channels and business models. She is also known for her ability to identify and empower great talent and motivate and inspire people. I look forward to supporting Sheri as Avon's new CEO.”

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