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Avon Products appoints Sherilyn McCoy as new CEO; Jung to be executive chairman
NEW YORK (AP) ' Avon Products Inc. says it has tapped one-time Johnson & Johnson executive Sherilyn S. McCoy as its new CEO as the struggling beauty products company looks to regain its past luster.
McCoy will take over the post from Andrea Jung, who will stay on as executive chairman.
Founded in 1886, Avon became a fixture in households across the country as its legions of "Avon ladies" went door to door selling makeup to family, friends and acquaintances.
But North American sales have dropped and its profit has shrunk. Investors and analysts had blamed Jung for being slow to react to declining results and wrap up a bribery investigation that began in China and spread elsewhere.
Avon said Monday that the 53-year-old McCoy will become CEO and a board member effective April 23.