NEW YORK, April 9, 2012 /PRNewswire/ -- Avon Products, Inc. (NYSE: AVP) today announced that its Board of Directors has appointed Sherilyn S. (Sheri) McCoy as Chief Executive Officer. Ms. McCoy will join Avon effective April 23, 2012, and will also serve as a director on the company's Board.
Ms. McCoy, 53, assumes leadership of Avon following an exceptional 30-year career at Johnson & Johnson, where she rose to become Vice Chairman of the company's Pharmaceutical, Consumer, Corporate Office of Science & Technology, and Information Technology divisions. In this capacity she served on J & J's Executive Committee with oversight for more than 60% of J & J's $65 billion in revenues. Her responsibilities included stewardship for a broad portfolio of world-famous consumer brands including brands such as Neutrogena, Aveeno, Lubriderm, Clean & Clear and ROC.
Fred Hassan, lead director of Avon's Board, 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 previously announced, Andrea Jung, currently Avon's Chairman and CEO, will continue to serve the company as Executive Chairman once Ms. McCoy assumes the CEO position. Ms. McCoy will report to the company's Board of Directors.
"We are thrilled to have someone of Sheri's caliber assuming the leadership of Avon," Ms. Jung said. "Throughout her career at J & J, Sheri has had a demonstrated track record of successfully achieving results and driving change across highly diverse operating units with widely varying product lines, customers, distribution channels and business models. She is also known for her ability to identify and empower great talent and motivate and inspire people. I look forward to supporting Sheri as Avon's new CEO," Ms. Jung added.
Ms. McCoy said: "I am extremely honored and excited to join Avon—a great company with an iconic brand and so much clear potential. Avon has an unparalleled global direct selling sales force of over six million Representatives and an enviable geographic footprint. I look forward to working with the team to develop and execute a roadmap to achieve the next phase of growth for the company."
Avon, the company for women, is a leading global beauty company, with over $11 billion in annual revenue. As the world's largest direct seller, Avon markets to women in more than 100 countries through approximately 6.4 million active independent Avon Sales Representatives. Avon's product line includes beauty products, as well as fashion and home products, and features such well-recognized brand names as Avon Color, ANEW, Skin-So-Soft, Advance Techniques, Avon Naturals, and mark. Learn more about Avon and its products at www.avoncompany.com.
BIOGRAPHY OF SHERILYN MCCOY
Sheri S. McCoy was Vice Chairman, Executive Committee, and member of the Office of the Chairman, Johnson & Johnson, with responsibility for the Pharmaceutical and Consumer business segments. She assumed this role in January 2011.
Previously, she was worldwide chairman, Pharmaceuticals, a position she assumed in January 2009. Her appointment followed a diverse career in the Johnson & Johnson's Consumer and Medical Devices businesses.
Sheri began her Johnson & Johnson career in 1982 as a scientist in the research and development organization supporting the Consumer women's health business. Advancing through positions of increasing responsibility, she served as head of the consumer R&D organization and later as global president of the Baby and Wound care consumer franchises. In 2005, she became Company Group Chairman for the Ethicon device franchise and a member of the Medical Device & Diagnostics Group Operating Committee, and assumed responsibility for the Group's businesses in Latin America. Three years later, she was named Chairman of the Surgical Care Group, and became a member of the Johnson & Johnson Executive Committee.
In her most recent position as worldwide chairman of the Pharmaceuticals Group, Sheri led the organization through a period of significant product launches, acquisitions and partnerships, and pipeline advances, while managing through significant loss of patent exclusivity. She is a passionate advocate for diversity of thought, leadership development, employee engagement and customer focus.
Sheri represented Johnson & Johnson on the board of PhRMA, the industry trade association, and as a member of the board of the National Quality Forum and of the Institutes of Medicine's Roundtable on Value & Science-Driven Healthcare. She serves as a board member of FIRST, a non-profit organization created to inspire young people's interest and participation in science and technology; a member of the Rutgers University President's Business Leaders Cabinet, and as a board member of Stonehill College.
Sheri holds four U.S. patents. She has a B.S. degree in textile chemistry from the University of Massachusetts, Dartmouth, a master's degree in chemical engineering from Princeton University, and an MBA from Rutgers University.
CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Statements in this release that are not historical facts or information are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "estimate," "project," "forecast," "plan," "believe," "may," "expect," "anticipate," "intend," "planned," "potential," "can," "expectation" and similar expressions, or the negative of those expressions, may identify forward-looking statements. Such forward-looking statements are based on management's reasonable current assumptions and expectations. Such forward-looking statements involve risks, uncertainties and other factors, which may cause the actual results, levels of activity, performance or achievement of Avon to be materially different from any future results expressed or implied by such forward-looking statements, and there can be no assurance that actual results will not differ materially from management's expectations. Such factors include, among others, the following:
Additional information identifying such factors is contained in Item 1A of our 2011 Form 10-K for the year ended December 31, 2011. We undertake no obligation to update any such forward-looking statements.
SOURCE Avon Products, Inc.