Miguel Fernandez has been announced as the new Global President for Avon Products, effective August 14th amid rumors of the retirement of Chief Executive Sheri McCoy, according to reports by the Wall Street Journal.
Within the shake-up, McCoy is expected to leave the position following a downturn in company performance since she took over in 2012, with Avon stock falling 84 percent since her leadership began, while Fernandez joins Avon from his previous position of Executive Vice President and Managing Director for the Americas and Worldwide Member Operations at Herbalife.
Fernandez will oversee responsibility for the commercial business operations and will be based in London. Having had 20 years of operating experience, with a significant success in the direct selling market, Fernandez will be succeeding John Higson, who will retire in September following 32 years at the company.
The company has been looking for ways to update the business model, releasing a statement last year to announce a three year turnaround plan to recoup $350 million in costs. It is also looking at ways to put money into technology and social media.