Avon: Sherilyn McCoy (CEO)
|Why this is a big quit:
Avon is a household name, founded in 1886. Sherilyn McCoy stepped up to the plate at Avon in 2012 with an air of confidence from her primer of experience; 30 years spent at Johnson & Johnson and her time as worldwide chairman of pharmaceuticals. What she was not prepared for, however, was just how difficult a task – giving Avon the long overdue push it needed – would turn out to be. Despite contouring their cost cutting by almost $230 million, Avon’s revenue and stock price continued to wrinkle during McCoy’s reign, highlighting Avon’s market value which is now $8 billion less than when McCoy took over.
Why this is not as big as the top 10:
Despite a large portion of Avon’s issues contributed to McCoy’s predecessor Andrea Jung, such as the bribery scandal in China that cost $500 million to clean up and the denial of the $10 billion takeover offer from Coty in 2012, McCoy was not able to pick up the broken pieces and ultimately had less influence on mitigating Avon’s drop from fame and fortune. As a result of the continued downward spiral, investors Barington Capital Group and NuOrion Partners called for McCoy to step down, saying that Avon needs to come up with a better (lip)balm than a new CEO if they want to save the foundation of the company.