Johnson & Johnson’s Sheri McCoy named Avon CEO
Monday, April 9, 2012
Sherilyn (Sheri) S. McCoy, a 30-year veteran of
Network of Executive Women title sponsor Johnson & Johnson, has been named
new CEO of Avon Products Inc., effective April 23, 2012. McCoy will also serve as a
director on the company's board.
McCoy will succeed Andrea Jung, currentlyAvon's
chairman and CEO, who will continue to serve the company as executive chairman.
The consumer goods executive most recently served as vice chairman of Johnson
& Johnson’s pharmaceutical, consumer, corporate office of science and technology, and information technology
divisions. In this capacity she served on Johnson & Johnson’s executive committee
with oversight for more than 60 percent of the company’s $65 billion in
revenues. Her responsibilities included stewardship for a broad portfolio of consumer brands, including Neutrogena, Aveeno,
Lubriderm, Clean & Clear and ROC.
"The board conducted an extensive search among
many world-class candidates across the direct selling, retail and consumer
sectors, and Sheri emerged as the clear choice to take Avon into the
future,” said Fred Hassan, lead director of Avon’s board. "Sheri has a unique
combination of strategic and finely honed operational skills, a significant
turnaround track record, global experience and people leadership. 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.”
"We are thrilled to have someone of Sheri's
caliber assuming the leadership of Avon,” Jung added. "Throughout her
career, Sheri has had a demonstrated track record of successfully achieving
results and driving change across highly diverse operating units with widely
varying product lines, customers, distribution channels and business models.
She is also known for her ability to identify and empower great talent and
motivate and inspire people. I look forward to supporting Sheri as Avon's
McCoy said she is "extremely honored and excited”
to join Avon, which she called "a great company with an iconic brand and so
much clear potential.”