Avon CEO to resign post under pressure
LONDON — Avon Products said on Thursday that its chief executive, Sherilyn McCoy, would step down at the end of March as the door-to-door seller of beauty products has faced pressure from activist investors to reshape its management and speed up its turnaround.
The announcement is the latest success for activist shareholders, who have put some of the world’s largest companies in their sights, pushing for businesses to streamline their operations, shake up their boards or revamp their strategies.
Barington Capital Group and NuOrion Partners called on Avon Products’ board of directors earlier this year to replace McCoy as poor results weighed on its stock price. Media reports first emerged in June that McCoy, who has been the top executive at Avon since 2012, was expected to leave the company.
Avon Products on Thursday reported a net loss of $45.5 million in the second quarter — its third-consecutive quarterly loss. The company also said its revenue fell by 3 percent. Its share price has fallen 40 percent this year.