June 14 (Reuters) - Avon Products Inc Chief Executive Sheri McCoy is expected to step down, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
Activist investor Barington Capital has been pressuring the cosmetics company to search for a new chief executive, saying Avon’s shares have suffered under McCoy.
The company has been struggling for the past four years with changing consumer tastes and habits, raising concerns that its more than 130-year-old direct-selling model is outdated and unable to attract shoppers who want instant gratification.
Avon was not immediately available for comment.
McCoy, who took charge as CEO in 2012, is near a decision to retire, and the terms of her departure are still being worked out but no final decision has been made, the report said. (on.wsj.com/2rwP6DT)
Despite Avon’s three-year turnaround plan announced in 2016 to cut $350 million in costs, invest in technology and tap social media, the company reported a surprise first-quarter loss this May.
The company’s shares were up 3.14 percent at $3.61 on Wednesday. (Reporting by Natalie Grover in Bengaluru; Editing by Arun Koyyur)