COSMETICS company Avon yesterday named Johnson & Johnson executive Sherilyn McCoy as its new chief executive, ending a four-month outside search for a fresh face to refocus the company and turn around sales at home and abroad.
The news comes a week after the world’s largest direct seller of cosmetics rejected a $10bn (£6.3bn) takeover bid from fragrance company Coty.
“This is likely a clear sign that Avon’s board is actively resisting Coty’s acquisition offer, especially given the timing of today’s announcement so quickly on the back of last week’s public offer by Coty,” Bernstein’s Ali Dibadj said.
McCoy faces the task of turning around a company that has suffered sliding sales at home and abroad.
City A.M. Reporter