After months of speculation, it has been confirmed that CEO of Avon Products, Sheri McCoy, will step down on March 31, 2018.
According to an article from seekingalpha.com, written by Clark Schultz, Avon has enlisted the help of search firm Heidrick & Struggles to find McCoy's successor.
In addition to the announcement of its change in leadership, Avon has also released its financial results for Q2 2017. The company states that revenue decreased by 3% to reach $1.4 billion.
McCoy commented by saying, "Second quarter performance fell below our expectations as we cycled a strong quarter last year. As previously guided, we expect the second half to yield a stronger performance based on our exciting product innovation plans and other initiatives to increase representative activity. We continue to implement the strategies defined in our Transformation Plan to better meet the needs of our representatives and continue progress towards delivering sustainable profitable growth in the longer term."