Avon Appoints New Chief Executive Avon Products, the cosmetics company which has been struggling amid a regulatory investigation and declining sales, has named a new leader. The 126-year-old company announced on Monday that it hired Sherilyn S. McCoy, a vice chairman of Johnson & Johnson, as its new chief executive. Avon had previously announced that Andrea Jung, its longtime chief executive, would stay on as executive chairman after Ms. McCoy takes the reins. "We are thrilled to have someone of Sheri's caliber assuming the leadership of Avon," Ms. Jung said in a statement. I look forward to supporting Sheri as Avon's new C.E.O. The personnel shuffle comes on the heels of a $10 billion unsolicited takeover offer for from Coty, a smaller privately held supplier of high-end body products and celebrity fragrances. Avon promptly rejected the offer earlier this month. The Coty management team would have plugged a gap in Avon's upper ranks. Avon has been looking to replace Ms. Jung since December, but preferred to pick its next chief executive rather than face an injection of Coty management. "The board conducted an extensive search among many world-class candidates across the direct selling, retail and consumer sectors, and Sheri emerged as the clear choice to take Avon into the future," Fred Hassan, Avon's lead director, said in a statement. The decision to appoint Ms. Mccoy as successor at least addresses the management uncertainty at Avon. But the new chief executive will inherit a company in turmoil. The company, known for its famed Avon lady sales staff, has seen its earnings lag behind competitors. While it has pushed into new markets like Russia and China, Avon's net income has declined every year since 2008. Avon's shares had fallen more than 16 percent over the last year. The stock was up nearly 3 percent in pre-market trading on Monday. The company also faces a significant regulatory investigation. The Securities and Exchange Commission is examining whether Avon officials made illicit payments to foreign government officials, acts that could amount to bribery in violation of the Foreign Corrupt Practices Act. Ms. McCoy will takeover Avon after a three-decade career at Johnson & Johnson, where she began as a scientist in the consumer research and development division. Over the years, she transitioned from the laboratory to the C-Suite, playing an important role in the company's pharmaceutical business. She was named worldwide chairwoman of the pharmaceuticals group in 2009. Two years later, she took on her current role as vice chair of the executive committee. She has resigned from Johnson & Johnson effective April 18. "I am extremely honored and excited to join Avon-a great company with an iconic brand and so much clear potential," she said in the statement. I look forward to working with the team to develop and execute a roadmap to achieve the next phase of growth for the company.