Sheri McCoy: Avon's New CEO Will Fight Coty Hostile Takeover Bid

Sheri McCoy Will Be Avon's New CEO as They Fight Off Coty Takeover Effort

Moneybox
A blog about business and economics.
April 9 2012 3:17 PM

Sheri McCoy Will Be Avon's New CEO as They Fight Off Coty Takeover Effort

Sheri McCoy, a top executive at Johnson & Johnson who was recently passed over for the top job, will be taking over as the new CEO of Avon.

The move underscores how determined Avon's board is to fight off a $10 billion hostile takeover effort from Coty, a maker of celebrity-branded beauty products that's owned by a German family trust. You don't bring in a new CEO from the outside except to try to send a signal to shareholders that a major turnaround is right around the corner.

Matthew Yglesias is the executive editor of Vox and author of The Rent Is Too Damn High.

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