Avon Products, the world’s largest direct-selling firm, has hired Johnson & Johnson veteran Sheri McCoy as its new CEO. The move will see the 53-year old leave J&J after three decades, where she was most recently Vice Chairman of the pharmaceutical and consumer division.
McCoy will replace long-term CEO Andrea Jung on 23 April, and will take charge of Avon’s attempts to deal with the unsolicited $10bn bid from Coty, made last week. Jung will remain as Executive Chairman however, raising questions about how much of a free hand McCoy will have.
The move is also being seen in the context of J&J appointing Alex Gorsky as the successor to CEO Bill Weldon, a post for which McCoy was seen as a contender.
NamNews - Tuesday 10th April 2012