Avon Names New CEO

A former J&J executive steps in to help restore scandal-plagued Avon.

Amid talk of Avon’s corporate scandals relating to its entry into China, and the recent unsolicited bid by Coty to take over the troubled direct seller, Avon has moved to settle rumors of the company’s future. The direct seller has announced an end to its search for a new CEO to replace Andrea Jung, Avon’s current chairman and CEO, who is relinquishing her CEO title. Stepping in is Sherilyn S. (Sheri) McCoy, who takes the reins of Avon following a 30-year career at Johnson & Johnson, where she rose to become vice chairman of the company’s pharmaceutical, consumer, corporate office of science & technology, and information technology divisions. In this capacity she served on J&J’s executive committee with oversight for more than 60% of J&J’s $65 billion in revenues, and held responsibility for household-name consumer brands including Neutrogena, Aveeno, Lubriderm, Clean & Clear and ROC.