McCoy Exits J&J For Avon After Gorsky Promotion
This article was originally published in The Tan Sheet
Passed over to succeed outgoing CEO William Weldon, top Johnson & Johnson consumer business exec Sheri McCoy exits the firm after 30 years to become Avon’s CEO. While J&J’s consumer business is recovering gradually, Avon faces a hostile takeover bid and is dealing with internal struggles.
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Coty envisions “an iconic beauty company” to emerge from its proposed acquisition of Avon; however, the direct seller’s management has dismissed the offer as “opportunistic” and not in shareholders’ best interest. Coty is now appealing directly to shareholders, highlighting the firms’ complementary product portfolios and geographical strengths. Meanwhile, Avon seems intent on finding growth and profitability on its own.
CFO Caruso says operating under a consent decree with “a third party in the manufacturing facilities with us” makes it “very difficult for us to predict exactly when products will return.” Some products will not return to stores until 2013, significantly later than the original goal to relaunch all recalled liquid OTCs before 2012.
Alex Gorsky will replace William Weldon as Johnson & Johnson CEO in April. Like his predecessor, who has led during a time of extensive OTC recalls, Gorsky’s experience with J&J comprises management of Rx pharmaceutical and medical device businesses, with no consumer background.