Avon Products, Inc. announced Thursday that Sheri McCoy will step down as Chief Executive Officer and as a director on March 31, 2018.

The news came on the heels of Avon’s second quarter, where the direct beauty seller posted results that “fell below expectations as we cycled a strong quarter last year,” said Sheri. Revenue decreased 3 percent to $1.4 billion. Active representatives declined 3 percent. In May, an investor group led by Barington Capital Group, L.P. called on Avon’s Board of Directors to begin a search for a new CEO.

The company is in its second year of a three-year plan to reduce costs, improve financial resilience and invest in growth.

Sheri joined Avon in 2012. Under her tenure Avon separated its North America business from the rest of the company. In its first year, the plan has strengthened the Company’s balance sheet with reduced leverage, extended the maturity of the debt portfolio and achieved $180 million of annualized cost savings. In 2017, as part of Avon’s focus on international markets and efforts to realign the company’s cost structure, Sheri also led the company’s relocation of its corporate headquarters to the UK while implementing key enablers to drive the roadmap to growth.

Avon’s Board has retained Heidrick & Struggles, a leading executive search firm with particular expertise in the consumer goods industry, to assist in identifying Ms. McCoy’s successor.

As previously guided in May, for full-year 2017 Avon expects constant-dollar revenue growth in the low single-digits. Based on second-quarter performance, expectations will be at the low end of the guidance range driven by active representative growth and new products.