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Avon chief executive to step down

Avon has announced that its chief executive Sheri McCoy will step down next March.

HEALTH & BEAUTY

Avon chief executive to step down

Avon has announced that its chief executive Sheri McCoy will step down next March.

The news comes as the beauty products firm reports that sales fell 3% to £1.4 billion in the three months to end June.

Since joining the company in 2012, McCoy has launched a three-year transformation plan in 2016, executed the separation of Avon's North America business, and relocated the company's corporate headquarters to the UK. She has also appointed a new senior team.

McCoy said: "With the successful recruitment of a senior executive team with the skill and experience to implement the next phase of our strategy, the platform is in place for a new CEO to continue accelerating the pace of change and take Avon to sustainable profitable growth. I look forward to continuing to drive the Avon business forward and to working with our leadership team to ensure a smooth transition."

Avon's board has retained Heidrick & Struggles, an executive search firm with expertise in the consumer goods industry, to assist in identifying McCoy's successor.

Chan Galbato, non-executive chairman of Avon Products' board of directors, added: "Sheri has set Avon on a path to improved growth and profitability through the design and execution of the company's strategic plan and the recruitment of a team of executives to carry the plan to the next phase. We thank Sheri for her continued commitment to Avon as the company embarks on its next chapter."

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