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Avon’s Losses Plunge; McCoy Will Exit

The company reported a 3% drop in second quarter revenue.

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By: Jamie Matusow

Editor-in-Chief

Amid a poor second-quarter report, struggling direct seller Avon Products Inc. announced that Sheri McCoy will step down as CEO in March 2018. The cosmetics company has been under pressure from activist investor Barington Capital, to make management changes at the company since 2015. Since McCoy came on to lead the company in April 2012, shares have fallen nearly 85%.
 
In the just-issued second-quarter report, Avon reported a 3% drop in quarterly revenue to $1.4 billion, as demand fell in most of its markets including the northern part of Latin America and Europe, Middle East & Africa.

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