- Push-out Score suggests push-out forces
- After almost six years on the job
- Accolades, praise and thanks for McCoy
- Search for a successor
- McCoy spoke at length and said 192 words
(exechange) — London, United Kingdom, August 03, 2017 — Sheri McCoy, chief executive of Avon, leaves. Her departure is made public at an early stage. As announced by Avon Products, Inc. in a news release on Thursday, August 03, 2017, Sherilyn S. (Sheri) McCoy leaves the post as Chief Executive Officer at the beauty company after almost six years on the job, effective March 31, 2018.
McCoy’s move comes 17 months after Chan W. Galbato took over as chairman of Avon Products, Inc.
Avon will undertake a search for a successor.
“In line with her commitments to Avon’s Board of Directors to transform the business”
A reason for the change was not explicitly given. Avon said: “Sheri McCoy will step down as Chief Executive Officer and as a director on March 31, 2018, in line with her commitments to Avon’s Board of Directors to transform the business.”
Precise information about the future plans of McCoy was not immediately available.
Share price decline
The change follows a sharp decline in the share price of Avon Products, Inc. since May 2013.
Chaired by Chan W. Galbato
Avon Products, Inc. is chaired by Chan W. Galbato.
Galbato was appointed non-executive Chairman of Avon’s Board of Directors in March 2016. Galbato is Chief Executive Officer of Cerberus Operations and Advisory Company, LLC.
On the job as CEO since 2012
Sherilyn S. McCoy has been the Chief Executive Officer of Avon Products, Inc. since April 23, 2012.
McCoy joined Avon as Chief Executive Officer in April 2012 and was elected to the Board of Directors in May 2012.
She joined Avon after 30 years with Johnson & Johnson, where she rose to Vice Chairman in January 2011.
Most recently at Johnson & Johnson, McCoy oversaw Pharmaceutical, Consumer, Corporate Office of Science & Technology, and Information Technology divisions.
Prior to that, she served in a number of leadership roles, including Worldwide Chairman, Pharmaceuticals Group from 2009 to 2011; Worldwide Chairman, Surgical Care Group from 2008 to 2009; and Company Group Chairman and Worldwide Franchise Chairman of Ethicon, Inc., a subsidiary of Johnson & Johnson, from 2005 to 2008.
Earlier in her career, McCoy was Global President of the Baby and Wound Care franchise; Vice President, Marketing for a variety of global brands; and Vice President, Research & Development for the Personal Products Worldwide Division.
She serves on the boards of New Avon LLC, Catalyst, Stonehill College, and the non-profit science and technology organization FIRST.
At the time of McCoy’s appointment as Chief Executive Officer at Avon, Fred Hassan, then lead director of Avon’s Board, had said: “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. 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.”
As a general rule, when a top leader announces to step down with no successor in place, it’s a signal that the change was unexpected and too early.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Sheri McCoy’s move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.
Read the full story in the exechange report 32.2017 ($).