Avon Products Inc. Chief Executive Sheri McCoy is expected to step down, according to people familiar with the matter, after her effort to turn around the beleaguered cosmetics seller faltered.
Ms. McCoy is near a decision to retire, according to the people, who cautioned that terms of her departure are still being worked out and no final decisions have been made. Either way, Ms. McCoy, who has run Avon
since 2012, is expected to stay on for several more months. It is not clear who might succeed her.
The move comes after Avon in early May posted a surprise loss that sent its stock tumbling. That same day, shareholder activists Barington Capital Group LP and NuOrion Partners AG, which together own more than 3% of the company’s stock, said Avon’s turnaround needs to go faster and it should find a new CEO.
Avon in late 2015 agreed to two deals that gave troubled-firm investor Cerberus Capital Management a 17% stake in the company, three board seats and control of its struggling North American business. The business Ms. McCoy runs sells outside the U.S. and is London-based.
An expanded version of this report is available on WSJ.com.
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