Avon CEO Sheri McCoy officially steps down after sales decline

Rumours of the cosmetics industry leader retiring have been circulating since June

Sheri McCoy

Avon has announced that CEO Sheri McCoy is officially leaving the company.

The Wall Street Journal reported in June that the cosmetics leader was expected to retire from the position after efforts to turn the company around failed, but Avon formally announced the retirement this morning.

McCoy will step down on 31 March 2018.

"Leading Avon for the past five years alongside Avon's dedicated management, associates and representatives has been an honor, and I am proud of what we have achieved together," said McCoy.

"We've made great progress in strengthening . . .

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