Avon's New Ceo Passed Over At Johnson & Johnson

Avon's new CEO passed over at Johnson & Johnson Associated Press Copyright 2012 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Updated 09:16 a.m., Monday, April 9, 2012 The announcement ended a four-month search to replace embattled CEO Andrea Jung, who had come under fire for failing to stem the company's declines and wrap up a bribery investigation. Bill Weldon, who has served as chief executive for the past decade, plans to step down at the company's annual shareholder meeting April 26. Gorsky, who heads the medical devices and diagnostics unit, and McCoy, who heads the pharmaceutical and consumer businesses, had been considered the most likely successors to Weldon after both were named company vice chairmen in January of last year. The Securities and Exchange Commission is also investigating Avon's contact with financial analysts in 2010 and 2011 as part of a bribery investigation. "Sheri has a unique combination of strategic and finely-honed operational skills, a significant turnaround track record, global experience and people leadership," Fred Hassan, lead director of Avon's board, said in a statement on Monday.

Topics:  johnson   copyright   updated   ceo andrea jung   bill weldon   gorsky   mccoy   january   the securities   exchange commission   sheri   fred hassan   ceo   johnson   press   april   weldon   avon   company   heads   bribery   investigation   monday   

 

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