Avon Appoints Sherilyn McCoy as New CEO

NEW YORK (TheStreet) -- Avon Products(AVP) named Sherilyn McCoy new CEO of the beauty company.

McCoy worked for Johnson & Johnson(JNJ) for 30 years, becoming the vice chairman of several divisions including the company's pharmaceutical arm.

McCoy is replacing current CEO Andrea Jung, who will become Avon's executive chairman. Jung was the head of Avon for 12 years. Jung has come under fire recently from investors and analysts for shrinking sales and profit at Avon.

Earlier this month, Avon rejected a $10 billion takeover offer from Coty, another beauty company.

Shares of Avon fell 8 cents, or 0.34%, in premarket trading Monday to $23.34. The stock has risen 34.06% year to date.

TheStreet Ratings gives Avon a C grade and a hold rating.