LONDON, Aug. 3, 2017 /PRNewswire/ -- Avon Products,
Inc. (NYSE: AVP), a globally recognized leader in direct selling of
beauty and related products, today announced that Sheri McCoy will step down as Chief Executive
Officer and as a director on March 31,
2018, in line with her commitments to Avon's Board of Directors to transform the
business.
![Avon Logo Avon Logo](http://photos.prnewswire.com/prnvar/20160417/356238LOGO)
"Leading Avon for the past five years alongside Avon's dedicated management, associates and
Representatives has been an honor, and I am proud of what we have
achieved together," said Sheri
McCoy, Chief Executive Officer, Avon Products Inc. "We've
made great progress in strengthening the Avon brand through new
positioning, increased investment in social media, and innovative,
high-quality products. We continue to live up to our purpose of
empowering women by supporting and advancing Avon's global network of nearly 6 million
women, while also having rebuilt a culture of accountability. Today
the Avon brand has nearly 100% awareness in top markets and is the
#1 direct selling beauty company in the world. Since the launch of
Avon's three-year Transformation
Plan, we successfully separated the North
America business and significantly strengthened the
Company's financial position. With the successful recruitment of a
senior executive team with the skill and experience to implement
the next phase of our strategy, the platform is in place for a new
CEO to continue accelerating the pace of change and take
Avon to sustainable profitable
growth. I look forward to continuing to drive the Avon business forward and to working with our
leadership team to ensure a smooth transition."
Commenting on behalf of the Board, Chan
Galbato, non-executive Chairman of Avon Products' Board of
Directors, said, "Sheri has been a steward for Avon, leading the Company through a
transformative period for the business that has included
instituting a culture of accountability. Sheri has launched
critical initiatives to meet the challenges of global economic and
industry trends, strengthening Avon's brand and reinforcing its
leading position in beauty while ensuring Avon Representatives remain at the forefront
of all the Company does. Most recently, Sheri has set Avon on a path to improved growth and
profitability through the design and execution of the Company's
strategic plan and the recruitment of a team of executives to carry
the plan to the next phase. We thank Sheri for her continued
commitment to Avon as the Company
embarks on its next chapter."
Since joining the Company in 2012, Ms. McCoy has been
responsible for driving long-term growth objectives, developing
earnings opportunities for women and advancing Avon as the world's premier direct seller of
quality beauty products. With a core focus on Avon's brand
relevance and Representatives, she has been the architect of
successful initiatives such as "Beauty for a Purpose" while also
bringing Avon to new generations
of women through digital investments and market-leading product
innovation. During Ms. McCoy's tenure, Avon has sustained its position as the #1
direct selling beauty company, and has risen to become the #1 Word
of Mouth Beauty Brand and the #3 Beauty Brand on Facebook. She has
helped build Avon's leadership in
beauty globally, including the Company's top-3 market share
position in color cosmetics, skincare and fragrance in the majority
of our key markets. Additionally, Ms. McCoy has led the Company
through challenging macroeconomic headwinds, launching the
Company's three-year Transformation Plan in 2016 and successfully
executing the separation of Avon's
North America business. In its
first year, the plan has strengthened the Company's balance sheet
with reduced leverage, extended the maturity of the debt portfolio,
and achieved $180 million of
annualized cost savings. In 2017, as part of Avon's focus on international markets and
efforts to realign the Company's cost structure, Ms. McCoy also led
the Company's relocation of its corporate headquarters to the UK
while implementing key enablers to drive the roadmap to
growth.
Avon's Board has retained
Heidrick & Struggles, a leading executive search firm with
particular expertise in the consumer goods industry, to assist in
identifying Ms. McCoy's successor.
Separately, the Company today announced its results for the
quarter ended June 30, 2017.
About Avon Products, Inc.
Avon is the Company that for 130 years has
proudly stood for beauty, innovation, optimism and, above all,
women. Avon products include
well-recognized and beloved brands such as ANEW, Avon Color, Avon
Care, Skin-So-Soft, and Advance Techniques sold through nearly 6
million active independent Avon Sales Representatives.
Forward Looking Statements
This press release
contains "forward-looking statements" that are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, including turnaround of the Company's business,
achieving its stated long-term financial goals, the execution of
its strategic plan to create consistent, sustainable and profitable
growth, and its planned executive changes. Because
forward-looking statements inherently involve risks and
uncertainties, actual future results may differ materially from
those expressed or implied by such forward-looking
statements. These risks and uncertainties include, but are
not limited to, the possibility of business disruption, competitive
uncertainties, and general economic and business conditions in
Avon's markets as well as the
other risks detailed in Avon's
filings with the Securities and Exchange Commission. Avon undertakes no obligation to update any
statements in this press release for changes that happen after the
date of this release.
Contacts
James
Golden / Leigh Parrish
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
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SOURCE Avon Products, Inc.