In its second-largest acquisition, Amazon buys the company for $970 million.
Sherilyn McCoy takes over from Andrea Jung, who becomes executive chairman.
Avon Products Inc. has hired Sherilyn S. McCoy as its new CEO. Avon announced in December that its current CEO and chairman Andrea Jung would leave that job to become executive chairman of the health and beauty products retailer.
McCoy starts her new job April 23. She also joins Avon’s board of directors.
McCoy comes from Johnson & Johnson, where she worked for 30 years, most recently as vice chairman of the pharmaceutical, consumer, corporate office of science and technology, and information technology divisions. In that job she oversaw product lines that generate more than 60% of the health care and consumer goods manufacturer’s revenue, Avon says.
“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,” Jung says. “She is also known for her ability to identify and empower great talent and motivate and inspire people.”
Avon, which sell largely through independent direct sales representatives, is No. 30 in the Internet Retailer Top 500 Guide.