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Avon CEO McCoy will leave the company

Avon CEO McCoy will leave the company

LONDON (AP) — Avon's CEO will leave the company March as the struggling beauty products maker continues a turnaround campaign.

Sheri McCoy has led the company for five years and sits on the board.

Avon said Thursday that it has hired an executive search firm to help find McCoy's successor.

Avon Products Inc., now based in the U.K., launched a three-year transformation plan in 2016 and so far it has separated its North American business and realized $180 million in cost savings. But those efforts have been arduous.

The company on Thursday said it had swung to a loss of $45.5 million in the second quarter.

Shares tumbled more than 10 percent in premarket trading.