Former J&J executive named to lead Avon
4/10/2012NEW YORK — Struggling cosmetics seller Avon Products Inc. tapped longtime Johnson & Johnson executive Sherilyn S. McCoy as its new chief executive Monday.
The announcement ended a four-month search to replace Andrea Jung, who had come under fire for failing to stem the company's declines and wrap up a bribery investigation.
Avon said Ms. Jung — the first female CEO of the 126-year-old company — will remain executive chairman after Ms. McCoy takes over this month. Shares of the New York-based company fell more than 3 percent Monday.
Ms. McCoy's emergence at Avon comes less than two months after she was passed over for the top spot at Johnson & Johnson, which in February announced that Alex Gorsky would take over as chief executive.