Avon CEO steps down following investor pressure

Avon CEO steps down following investor pressure

Executive Grapevine
Executive Grapevine | Executive Grapevine International Ltd

Avon CEO Sheri McCoy will be stepping down from her role next year, following pressure from investor Barington Capital.

Shares within the company have fallen to a one-and-a-half-year low, whilst the company has shrunk to half of its size following a reshuffle. Avon has been struggling to reverse a decline in their sales, losing out to bigger players such as Estee Lauder.

McCoy, who was appointed to the role in 2012, has so far resisted stepping down. However, it is understood that pressure from Barington has been mounting since 2015. McCoy declined to comment on terms of her exit.

“We got to a point where we had conversations and decided it was the right time,” she said in an interview. “I am very proud of what I’ve done.” It remains to be seen who will be taking her place. 

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