Avon's Management Makeover

(RTTNews) - Avon Products, the direct-seller of beauty and personal care products, has announced that its Chief Executive Sherilyn McCoy would step down at the end of March.

McCoy's decision to step down comes at a time when the door-to-door seller of beauty products continues to face pressure from activist investors to reshape its management and speed up its turnaround.

Avon has retained executive-search firm Heidrick & Struggles International Inc. to search for a successor to McCoy.

According to WSJ, Avon Board's decision to reshape the management was based on the continued weak performance of the business. McCoy and the board reached an agreement at a July 13 board meeting at Avon's Rye, N.Y., facility.

For the latest result, Avon reported a $45.5 million second-quarter loss and a 3% drop in revenue.