According to an article in Wall Street Journal:
Sheri McCoy, the CEO of cosmetics company Avon, is reportedly expected to step down.
The Wall Street Journal, citing people familiar with the matter, reports that the 58-year-old chief executive may be retiring. The terms of her potential departure, as well as details about a replacement, are not yet known.
McCoy’s possible departure gave some investors hope, sending shares of the struggling makeup company up roughly 4.6% by the market’s close Wednesday.
The company has struggled with declining sales and a sharp downtick in its stock price in recent years. In May, Avon’s stock price dropped 22% in a single day, falling to $3.62.
That prompted two shareholders — Barington Capital Group LP and NuOrion Partners AG, which together own 3% of the company’s stock — to urge the 131-year-old cosmetics brand to look for a new CEO.
Earlier this week, Avon announced that Miguel Fernandez, a former Herbalife executive, would take over as global president in August — replacing John Higson, who is set to retire in the fall, the Wall Street Journal reported.
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Tag Archive for Sheri McCoy
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Sheri McCoy – Avon CEO Interview
by Ted Nuyten • • 0 Comments
Sheri McCoy was named in April 2012 as the CEO of Avon Products. In 2014, McCoy ranked #27 on Fortune magazine’s “50 Most Powerful Women in Business” list, which she has been on since 2008
Sheri is at the helm of almost $9 billion in annual sales and Avon has a sales force of 6 million direct selling Representatives in nearly 100 countries, 30,000+ employees worldwide.
The company has empowered and inspired women for nearly 130 years. Sheri lives in New York, USA, is married and has 3 children.
As a scientist, Sheri holds a Bachelor of Science degree in textile chemistry from the University of Massachusetts, Dartmouth, USA a master’s degree in chemical engineering from Princeton University, and an MBA from Rutgers University and holds four U.S. patents.
Ted Nuyten had the honor to interview
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Avon Having Trouble Getting Rid Of North American Business, Sales Plummet
by Tina Williams • • 0 Comments
Avon shares slid by more than 7% on Tuesday to around $7.53 a share.
Last month, the stock surged by more than 15% after the Wall Street Journal reported that it is exploring “strategic alternatives” for its North American business, meaning the company is looking for ways to improve its competitiveness.
The initial report from WSJ said the company is looking to sell some or all of this unit. But according to a New York Post story published late Tuesday, this process isn’t going very well.
The Post reported that companies interested in buying out Avon are losing interest because they are struggling to finance an offer.
The Post quotes one hedge fund investor as saying: “All in all, I don’t see a deal happening unless Avon basically gives away its North America business for essentially nothing.”
Avon also reported weak first-quarter results last
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Damaging Blow: Avon Falls Off S&P 500 For First Time Since 1964
by Tina Williams • • 0 Comments
After a more than fifty-year stay in the index, Avon won’t be in it for much longer.
S&P Dow Jones Indices, the company that manages the S&P 500, announced on Friday that the troubled cosmetics giant will be moved to its MidCap 400 index after the close of trading on March 20.
The S&P 500, which many average and professional investors use as their main benchmark to judge stock market performance, is home to mostly larger companies.
Avon (AVP) is now worth only $3.2 billion. It’s being replaced by underwear and T-shirt makerHanesbrands (HBI), which has a market value of more than $13 billion.
In its statement, S&P Dow Jones Indices said the change was made because Avon was no longer big enough.
A spokesman for S&P Dow Jones Indices added that Avon has been in the S&P 500 since
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Avon Relaunches Marketing Plan And Focuses On U.S.
by Tina Williams • • 0 Comments
In an exclusive interview with Fortune magazine, CEO of Avon talks about a marketing plan they hope will revive their sales.
Avon Products is betting heavily on an e-commerce and social-selling relaunch to get Avon back to profitability next year. The world’s largest direct seller of beauty products urgently needs to stanch an exodus of its famous Avon Ladies that has led both the size of salesforce and revenue in North America to fall by half in only a few years, and lose nearly $150 million.
Avon CEO Sheri McCoy (No. 27 on our Most Powerful Women list) sat down with Fortune for an exclusive interview, explaining why she thinks this initiative is so important and why she remains committed to the U.S. market.
Why the U.S. remains a priority even as some industry and Wall Street analysts say Avon should pack it in in its home market:
“To not compete in one of the largest markets in the world doesn’t make sense.”
“It’s the founding country of the brand- there are a lot of roots to the brand.”
“It’s easy to say, let’s walk away from it—I don’t think it’s the right thing to do.”
“Beauty and direct-selling in the U.S. are both growing: so it’s attractive from that standpoint.”
Why the