After months of rumors, it’s finally official: Sheri McCoy is out at Avon.
The beauty company chief will step down in March, Avon (avp, -11.16%) announced Thursday as it reported poor second-quarter results.
The news is less than shocking; activist investors Barington Capital Group LP and partner NuOrion Partners AG—which together own more than 3% of the company—have been voicing criticism of the company’s turnaround plan for the past three years, with Barington saying that McCoy had “overseen a tremendous destruction of shareholder value” and was not able to adequately manage the company, the Wall Street Journal reports.
Since McCoy took the helm in 2012, the company’s shares have fallen by 85%. The company, which is one of the U.S.’s largest direct sellers, has been losing its door-to-door sales representatives due to a failure to modernize its products and to adjust to the world of e-commerce.