Recently, Avon Products Inc (NYSE:AVP) issued its financial report for the quarter closed September 30, 2017, and also updated on the transformation plan. Sheri McCoy, the Chief Executive Officer, expressed that the company’s third quarter proved to be a productive period. While they witnessed mixed results, he is thrilled by the revenue improvement in several of their best 15 markets and the core business trends they are starting to see.
Avon CEO reported that their innovation pipeline is beginning to gain traction and they are close to recording their annual cost reduction goal. They remain intensely concentrated on enhancing their Representative experience, which leads in higher involvement and her success. McCoy went on to add that it will take time to completely realize the benefits from their short and long-term measures in this highly competitive segment, however with the right team in place they are set to support the pace of their progress.
Commenting on part of the Board, Chan Galbato, the non-executive Chairman of Avon’ Board of Directors, expressed that the quest for a new CEO for company is underway. The Board is delighted with the progress and the remarkable interest they are getting.
Avon Products is in the second year of its 3-year transformation strategy which is focused on three different pillars, improving financial resilience, investing in growth and reducing cost. To achieve its transformation goals, the firm understands the need to emphasis on the foundations of its business and lead a performance-based culture.
As a result, the company can drive results and offer steady execution in the imminent period. While the firm is addressing problems in the business, it is advancing with urgency, focusing on the different major elements of its roadmap to development. The firm’s cost savings target under this plan is $230 million for 2017.