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April 09, 2012

U.S. News

J&J’s Sheri McCoy New Avon CEO


AvonLong-time Johnson & Johnson executive Sheri S. McCoy will have a new title come April 23: CEO of Avon Products, Inc.

Avon announced today that McCoy will replace Andrea Jung as Chief Executive Officer, ending a four-month search for a new leader to help the world’s No. 1 direct seller overcome shrinking U.S. sales and bribery investigations.

Once responsible for the Neutrogena, Aveeno and Lubriderm brands, McCoy will now turn her attention to Avon’s signature offerings, including Avon Color, Skin-So-Soft and mark, which are marketed in more than 100 countries through more than 6 million independent Avon sales representatives.

“Sheri has a unique combination of strategic and finely honed operational skills, a significant turnaround track record, global experience and people leadership,” said Fred Hassan, Lead Director of Avon’s board.

McCoy began her career with the New Jersey-based Johnson & Johnson in 1982 as a scientist in Consumer Research and Development. In 2005, she became Company Group Chairman for the Ethicon device franchise and a member of the Medical Device & Diagnostics Group Operating Committee. In 2008 she was named Chairman of the Surgical Care Group, and became a member of the Johnson & Johnson Executive Committee. She was named Worldwide Chairman, Pharmaceuticals, in January 2009, and appointed to her current position of Vice Chairman of the Executive Committee in January 2011.

In February, McCoy was passed over for the top spot at Johnson & Johnson in favor of Alex Gorsky, who will replace Bill Weldon as CEO later this month. McCoy’s resignation will be effective April 18. Jung, who joined Avon in 1994 and took over the CEO role in 1999, will remain as Chairman, a position she has held since 2001.

Today’s announcement comes just a week after Avon rejected a $10 billion takeover offer from Coty Inc.

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