August 3, 2017 / 11:10 AM / 7 months ago

Avon CEO Sheri McCoy to step down

Aug 3 (Reuters) - Cosmetics maker Avon Products Inc, which has been under pressure from activist investors, said on Thursday Sheri McCoy will step down as chief executive in March next year.

Activist investor Barington Capital started demanding management changes at the company from 2015, but backed off as Avon signed a deal to sell its U.S. business to private-equity firm Cerberus Capital Management and added an independent director to its board.

Barington had demanded in May that McCoy be removed.

Avon said on Thursday it had retained executive search firm Heidrick & Struggles to identify McCoy’s successor. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Shounak Dasgupta)

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