Avon hopes new CEO can give it a fresh look Avon is hoping a new CEO can give it a much-needed makeover. The struggling cosmetics seller on Monday tapped long-time Johnson & Johnson executive Sherilyn S. McCoy as its new chief executive. The announcement ended a four-month search to replace embattled CEO Andrea Jung, who had come under fire for being slow to stem declining results and wrap up a bribery investigation. Avon Products Inc. said Jung will remain executive chairman after McCoy takes over later this month. Avon shares fell almost 4 percent in premarket trading on Monday. The news comes just a week after the smaller beauty products maker Coty Inc. made a $10 billion bid for Avon, which promptly rejected the deal as a low-ball offer. Founded in 1886, Avon became a fixture in households across the country as its legions of "Avon ladies" went door to door selling makeup to family, friends and acquaintances. Its brands include Avon Color, Skin-So-Soft and mark. But North American sales have dropped off over the years and about 80 percent of Avon's $11 billion in annual revenue now comes from overseas. The company has also frequently missed analysts' earnings expectations and posted weak sales in some of its largest markets. A bribery probe that began in China has also since spread elsewhere. The Securities and Exchange Commission is investigating Avon's contact with financial analysts in 2010 and 2011 related to the investigation. There are outside pressures as well. Last week the company rejected Coty's $23.25 per share offer, saying the bid was too low. At the time, that was a 20 percent premium to Avon's previous closing stock price. Coty said it won't pursue a hostile takeover offer. Jung, 53, joined Avon in 1994 as president of product marketing. She rose through the ranks to become CEO in 1999 and added the chairman title in 2001. When Avon announced its search for a new CEO this past December, the company said it would separate the CEO and chairman roles. Expectations will be high when the McCoy becomes Avon's CEO and a board member on April 23. McCoy has 30 years of experience with Johnson & Johnson, where she served as vice chairman of the executive committee and a member of the office of the chairman, with responsibility for the pharmaceutical and consumer segments, including brands such as Neutrogena, Aveeno and Lubriderm. Prior to that, she was worldwide chairman of pharmaceuticals. "Sheri has a unique combination of strategic and finely-honed operational skills, a significant turnaround track record, global experience and people leadership," Fred Hassan, lead director of Avon's board, said in a statement on Monday. McCoy will report to Avon's board. Her resignation from Johnson & Johnson is effective April 18. Avon markets its products in more than 100 countries through about 6.4 million independent sales representatives. Its annual revenue is more than $11 billion. Avon's stock fell 92 cents, or 3.9 percent, to $22.50 in premarket trading Monday. Through the end of last week, its stock was down about 26 percent from its 52-week high of $31.60 last May and is worth a little more than half of its all-time high of $46.11 in 2004.