LONDON, United Kingdom — Avon Products Inc. is throwing cargo overboard, but its ship is still sinking.
The door-to-door cosmetics seller announced on Thursday that CEO Sherilyn McCoy would step down next year, ending a tenure marked by turnaround efforts that have done little to stop the erosion of Avon’s profit and stock price.
Activist investors Barington Capital Group and NuOrion Partners had called for McCoy’s departure in May, after Avon reported a surprise first-quarter loss. I noted then that a shake-up was hardly a sure fix. That’s even more true in light of the equally, if not more, The Business of Fashion