More than three years in, McCoy is still trying to fix the direct seller of beauty products—which has caused her to fall in our ranking. In 2014, Avon reported its third straight annual loss; the stock is down some 65% over the past year. Overseas, the company was hit by a strong U.S. dollar. And while the North American business is on track to be profitable this year, its army of Avon ladies is dwindling.

For more on McCoy, read “The best and worst stock performances of Most Powerful Women CEOs.”