The board of directors of Avon Products Inc. (NYSE: AVP) have named Sherilyn McCoy as the company’s new CEO. McCoy has spent virtually her entire professional career with Johnson & Johnson (NYSE: JNJ), where she was most recently vice-chairman of J&J’s Pharmaceutical, Consumer, Corporate Office of Science & Technology, and Information Technology divisions, responsible for more than 60% of J&J’s revenues.
Andrea Jung, the Avon CEO who stepped down in December, remains as executive chairman of the company’s board, and McCoy, who will get a board seat, will report to the board, not Jung.
Just last week Avon rejected a $10 billion buyout bid from Coty Inc. and today’s appointment of McCoy is likely to make Coty forget about any sweetened deal. Avon’s shares closed higher last Thursday than Coty’s offer of $23.25/share, and Coty has already said that it would only raise its offer if the company was allowed to begin its due diligence. McCoy’s hiring slams the door on that possibility.
Avon’s shares are down about -2.7% in the pre-market, at $22.80 in a 52-week range of $16.09-$31.60.
Paul Ausick
Travel Cards Are Getting Too Good To Ignore (sponsored)
Credit card companies are pulling out all the stops, with the issuers are offering insane travel rewards and perks.
We’re talking huge sign-up bonuses, points on every purchase, and benefits like lounge access, travel credits, and free hotel nights. For travelers, these rewards can add up to thousands of dollars in flights, upgrades, and luxury experiences every year.
It’s like getting paid to travel — and it’s available to qualified borrowers who know where to look.
We’ve rounded up some of the best travel credit cards on the market. Click here to see the list. Don’t miss these offers — they won’t be this good forever.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.