Avon Products Inc. directors debated for three weeks whether to fire Andrea Jung before deciding to remove her as chief executive officer and retain her as chairman, according to two people familiar with the matter.
Avon Products Inc.’s naming of Johnson & Johnson’s Sherilyn McCoy as chief executive officer may delay the company’s turnaround efforts and decrease the chances of a takeover by Coty Inc., analysts said.
Coty Inc. Chairman Bart Becht said he went public with the offer for Avon Products Inc. so shareholders will press the company’s board to consider a merger and allow Coty access to confidential financial documents.
Coty Inc. Chairman Bart Becht said two weeks ago it was time for Avon Products Inc. shareholders to persuade the board to accept his company’s $10 billion bid. Several investors have discussed the offer with the board, and their message is clear: Get more money or forget about it.