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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."