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Barington had been pushing for management changes at the company
since 2015, but backed off for a year after Avon signed a deal
to sell its U.S. business to private-equity firm Cerberus
Capital Management and added an independent director to its
board.
Barington renewed its pressure after Avon reported a surprise
loss in the quarter-ended March and demanded McCoy be removed,
accusing her of overseeing "a tremendous destruction of
shareholder value" and questioned her ability to manage the
business effectively.
Since McCoy took the top job at the cosmetics maker in April
2012, the shares have fallen nearly 85 percent. The company has
reported higher quarterly sales only twice since 2015.
Avon on Thursday reported a 3 percent drop in quarterly revenue
as demand fell in most of its markets including the northern
part of Latin America and Europe, Middle East & Africa.
Barington did not immediately respond to a request for comment
outside regular business hours.
Avon said on Thursday it had retained executive search firm
Heidrick & Struggles to identify McCoy's successor.
The company's shares were marginally down in premarket trading.
(Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by
Shounak Dasgupta)
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