Avon names new ceo

Avon Products Inc has announced that its board of directors has appointed Sherilyn S (Sheri) McCoy as ceo of Avon, replacing current chairman and ceo Andrea Jung from 23 April 2012. McCoy, previously vice chairman of Johnson & Johnson, has been responsible for brands including Neutrogena, Aveeno, Lubriderm, Clean & Clear and ROC.

“Sheri has a unique combination of strategic and finely honed operational skills, a significant turnaround track record, global experience and people leadership,” commented Fred Hassan, lead director of Avon’s board, while Jung added: “We are thrilled to have someone of Sheri’s calibre assuming leadership of Avon.”

Last week Avon rejected an unsolicited bid from Coty, arguing that the company’s value could rise more under a new ceo than as part of Coty.

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