“Leading Avon for the past five years alongside Avon’s dedicated management, associates and representatives has been an honor, and I am proud of what we have achieved together,” said McCoy in a press statement. “We’ve made great progress in strengthening the Avon brand through new positioning, increased investment in social media, and innovative, high-quality products. We continue to live up to our purpose of empowering women by supporting and advancing Avon’s global network of nearly 6 million women, while also having rebuilt a culture of accountability.”
Unfortunately, McCoy and company were unable to turn around Avon’s fortunes as sales continue to slide and active representatives jump ship. Financial analysts were particularly perturbed by the company’s decision to sell more than 80% of its US and Canada business for a song to Cerberus Capital Management.