Avon Products, Inc. announced that its CEO Sheri McCoy will resign her role on March 31, 2018, after failing to turn the struggling company around as she had promised shareholders.
The announcement follows Avon’s lackluster Q2 report, which revealed a decline in sales and the number of Avon sellers. The Wall Street Journal reported in May that McCoy was under pressure from investors Barrington Capital Group LP and partner NuOrion Partners AG after Avon’s stock dipped heavily. The investors went as far as requesting Avon to replace McCoy, as she had “overseen a tremendous destruction of shareholder value,” according to WSJ.
“Leading Avon for the past five years alongside Avon’s dedicated management, associates and Representatives has been an honor, and I am proud of what we have achieved together,” McCoy said in a statement. “We’ve made great progress in strengthening the Avon brand through new positioning, increased investment in social media, and innovative, high-quality products. The platform is in place for a new CEO to continue accelerating the pace of change and take Avon to sustainable profitable growth. I look forward to continuing to drive the Avon business forward and to working with our leadership team to ensure a smooth transition.”
Advertisement
Avon has enlisted executive search firm Heidrick & Struggles to help find McCoy’s successor.
