Avon Refreshes Executive Leadership Team With McCoy Still At Head
This article was originally published in The Rose Sheet
Avon seems intent on dispelling rumors that CEO Sheri McCoy is on her way out, stating June 20 that all planned changes to its executive leadership structure are now complete. New appointments include execs with previous experience at Herbalife and Procter & Gamble.
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"The Avon Board looks forward to supporting Jan as he leads a deep and comprehensive strategic and operating review of all facets of the business," says Chairman Chan Galbato of Jan Zijderveld's appointment as CEO. Avon's first male CEO in almost 20 years, Zijderveld comes with 30 years of experience at Unilever, where he most recently oversaw its European business.
Management projects a strong second half after Avon's first-quarter sales advanced 2%, reported, but dipped in constant currency. Analysts received the guidance guardedly, and a group of investors led by Barington Capital are unconvinced the firm can turn things around under current leadership.
Avon’s Andrea Jung , who will step down from her role as CEO in 2012 but continue on as Executive Chairman, will aid in the search for a candidate to lead the firm. The Dec. 13 announcement has analysts speculating on how the move will impact the performance of the direct seller.