How Avon’s CEO Failed to Fix the Company

When beauty giant Coty coty made an unsolicited $10.7 billion for Avon Products avp in April 2012, the direct seller’s board was adamant shareholders would be better off letting incoming CEO Sheri McCoy fix a very damaged company. It proved to be one of the biggest blunders in M&A history.

Fast forward five years, Avon’s stock market value is down to $1.3 billion and McCoy is on her way out in March, having...

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