logo
Share SHARE
FONT-SIZE Plus   Neg

Avon Taps Johnson & Johnson's Sherilyn McCoy As CEO - Update

Cosmetics maker Avon Products, Inc. (AVP), which last week rejected a cash bid worth about $10 billion from fragrance maker Coty, Inc., on Monday appointed Sherilyn McCoy as Chief Executive Officer as it aims to execute strong long-term prospects.

McCoy, a 30-year veteran at drug and healthcare major Johnson & Johnson (JNJ), will join Avon on April 23 to succeed Andrea Jung. McCoy, who holds four U.S. patents, will also serve as a director on Avon's Board. Jung, who has been Avon's CEO since 1999, will continue to serve the company as Executive Chairman.

While rejecting Coty's unsolicited bid on March 2 deeming it as "opportunistic and not in the best interest of Avon's shareholders" Avon had said that it remains confident in its prospects as a stand-alone company and remains committed to executing against what it believes are its strong long-term prospects. Avon has been searching for a new CEO after it separated the roles of Chairman and CEO in 2012.

Commenting on the appointment, Avon's lead director Fred Hassan said, "Given her consistent record of outperforming against new challenges, we have great confidence that under Sheri's leadership Avon can successfully execute against our strong long-term prospects."

At Johnson & Johnson, McCoy is currently Vice Chairman of the Executive Committee with responsibility over Pharmaceutical, Consumer, Corporate Office of Science & Technology, and Information Technology divisions. She joined the company in 1982 as a scientist and was appointed to her current responsibilities in January, 2011.

While noting that McCoy would resign from the firm effective April 18, JNJ Chairman and CEO William Weldon said, "During these last several years, she was instrumental in helping to bring stronger strategic focus to our Pharmaceutical business as it builds a robust pipeline and launches important new medicines; and to our Consumer business as it leverages the success of its iconic brands and worked to resolve some recent challenges."

In pre-market activity, Avon shares lost $0.62 or 2.65 percent and are currently trading at $22.80, while JNJ shares lost $0.43 or 0.66 percent and currently at $64.91.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Shares of social network company Twitter Inc. (TWTR), jumped over 5 percent on Wednesday, after one of its cofounders Ev Williams dropped a hint during a television interview about the company's sale. Ev Williams, a Twitter cofounder and board member, was asked by Bloomberg TV about the company's... Mazda Motor Corp. (MZDAF.PK) is recalling over 190,000 CX-7 sport utility vehicles to fix a issue that could lead to loss of steering control. The recall involves CX-7 models from 2007 through 2012 manufactured between February 14, 2006 to May 9, 2012. The company said there have been no reports of... Over 68 million email address and passwords of Dropbox users were stolen by hackers, according to a report from Motherboard. Although, the account details were stolen during a previously disclosed breach that took place in 2012, the magnitude of the attack has come to light only now. Following...
comments powered by Disqus
Follow RTT