Avon CEO to Step Down Fol­low­ing In­vestor Pres­sure

The Economic Times - - Around The World -

New York: US cos­met­ics maker Avon Prod­ucts Inc, which has been un­der pres­sure from ac­tivist in­vestor Bar­ing­ton Cap­i­tal, said Sheri Mc­Coy will step down as CEO next year, send­ing the com­pany’s shares slid­ing 9% in pre­mar­ket trad­ing. Mc­Coy’s exit caps a tur­bu­lent five years for the com­pany, which shrunk to half its size af­ter sell­ing most of its US busi­ness, been hit by a bribery scan­dal in China and has seen its stock lose about 85% of its value. Mc­Coy, who took the top job at the com­pany in April 2012, has so far re­sisted step­ping down de­spite re­peated calls by Bar­ing­ton to do so since 2015. Reuters

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