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Avon Products is using Brunswick Group and ICR Inc. for PR as the struggling company today named Unilever’s Jan Zijderveld CEO, effective immediately, to replace Sheri McCoy, who announced her resignation in August.
Activist investors Barrington Capital Group, Shah Capital and NeOrion Partners have been pressing for new leadership and the ownership of Avon, which reported flat sales of $4B and red ink of $70M for the nine-month period ended last Sept. 30.
McCoy had planned to step down in March following her successful efforts to split off Avon’s North American business and relocate headquarters to London from New York.
Most recently, Zijderveld was president of Unilever’s $14B European business. Earlier, he was executive VP/southeast Asia- Australia, non-executive chairman-Indonesia and CEO-Middle East/North Afirca.
Zijderveld's global leadership and track record in managing “profitable growth in large, multi-channel complex consumer businesses” makes him “ideally suited” to lead the company, according to Avon chairman Chan Galbato.
Avon's stock is trading at $2.32. Share prices ranged from $1.85 to $6.03 during the past year.
Brunswick’s Mathilde Milch/Laura Buchanan and ICR’s Caitline Morahan/Allison Malkin represent Avon.
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