AVON ‘s new CEO, Sherilyn McCoy, is the same age as me. She spent 30 years at Johnson & Johnson, ultimately controlling brands like Neutrogena, Aveeno, and Lubriderm.
McCoy, #12 in the Top 50 Most Powerful Women in Business, accepted a challenge to revive one of the Top 10 Businesses to fail in 2013. Success will surely position her as a premier leader. Though AVON stock dipped to $16 a share end of 2013, it is currently at just over $20 a share. “The fact that they’ve been able to attract someone of her caliber answers one of the questions investors had, which is would a new CEO have the full authority needed to make changes,” said Connie Maneaty an analyst at BMO Capital Markets. Coty made a bid for the company but Avon is intact, making changes for a steady climb.
“Now the board has a new star CEO. McCoy is an A-list executive with an impressive resume; at J&J she oversees the global pharmaceutical business and the consumer unit. She earned a master’s in chemical engineering from Princeton and worked in a number of roles at J&J, including marketing, product science, and devices. She was passed over for the CEO job at the health conglomerate earlier this year (2012).”
J&J’s loss is AVON‘s gain. With something to prove, McCoy jumps in with little direct sales experience, but the courage to walk away from a salary of just under $900k, total compensation being over $8mil, & full retirement with J& J, to fulfill her goal of becoming a CEO. She is said to be “an affable but demanding boss, who at one moment inquires about families and then asks that sales goals be exceeded.”