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.
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