Four months after embattled Avon Products Inc. CEO Andrea Jung announced her resignation, the company tabbed Johnson & Johnson Vice Chairman Sherilyn S. McCoy to be her replacement.
McCoy”™s appointment was announced April 9 by Avon”™s board of directors and takes effect April 23. She previously served as Vice Chairman at Johnson & Johnson for the company”™s pharmaceutical, consumer, corporate office of science and technology, and information technology divisions.
The change in leadership comes at a critical time for the global beauty products company, which is headquartered in New York City and has offices in Rye.
Jung announced last December that she would step down as soon as the company decided on her successor following lackluster revenue and profit readings.
The company reported in February that while revenue increased 4 percent to $11.3 billion in 2011, net income declined 15 percent to $517.8 million from $609.3 million in 2010.
Earlier in April, Avon”™s board rejected an unsolicited $10 billion takeover bid from Coty Inc., a smaller, privately held competitor.
Avon has said that Jung will remain with the company as Executive Chairman.
