Avon Names J&J Executive McCoy as CEO

Avon Productson Monday named Sherilyn S. (Sheri) McCoy as chief executive officer.

Avon Products
Avon Products

McCoy will join Avon effective April 23, 2012, and will also serve as a director on the company's Board.

McCoy, 53, comes to Avon from Johnson & Johnson , where she was vice chairman of the company's pharmaceutical and consumer divisions, the company said in a statement. She oversaw a broad portfolio of consumer brands including brands such as Neutrogena, Aveeno, Lubriderm, Clean & Clear and ROC.

Avon announced in December that its current CEO, Andrea Jung, would become executive chairman and that a new CEO would be recruited.

Last week Avon, the world's largest direct seller of cosmetics, received an unsolicited $10 billion takeover bid from Coty, a privately held fragrance company.

Avon's performance has suffered in the last few years. It has underperformed financially and posted weak sales in its major markets. It is also currently the subject of a bribery investigation alleging executives of the company broke foreign bribery laws.