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Avon CEO Sheri McCoy.  Dimitrios Kambouris Getty Images for Avon

Avon CEO Sheri McCoy Is Expected to Step Down, Report Says

Jun 14, 2017

Sheri McCoy, the CEO of cosmetics company Avon, is reportedly expected to step down.

The Wall Street Journal, citing people familiar with the matter, reports that the 58-year-old chief executive may be retiring. The terms of her potential departure, as well as details about a replacement, are not yet known.

McCoy's possible departure gave some investors hope, sending shares of the struggling makeup company up roughly 4.6% by the market's close Wednesday.

The company has struggled with declining sales and a sharp downtick in its stock price in recent years. In May, Avon's stock price dropped 22% in a single day, falling to $3.62. That prompted two shareholders — Barington Capital Group LP and NuOrion Partners AG, which together own 3% of the company's stock — to urge the 131-year-old cosmetics brand to look for a new CEO.

Earlier this week, Avon announced that Miguel Fernandez, a former Herbalife executive, would take over as global president in August — replacing John Higson, who is set to retire in the fall, the Wall Street Journal reported.

Avon did not respond to immediate requests for comment from Fortune.

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