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LONDON (CBSMiami/AP) — The CEO of beauty company Avon is stepping down in March.

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Sheri McCoy has led the company for five years and sits on the board, but there has been some external pressure from activist investors for a change in leadership.

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

“The platform is in place for a new CEO to continue accelerating the pace of change and take Avon to sustainable profitable growth,” McCoy said in a company release.

Barrington Capital Group had been pushing for significant action at Avon since 2015, when it sent a letter saying that, “significant, immediate changes in leadership and strategic direction are needed.”

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In March 2016 Avon announced that it was cutting 2,500 jobs and moving its headquarters from New York to the U.K.

Avon Products Inc. launched a three-year transformation plan last year and so far it has sold its North American business to private investment firm Cerberus Capital Management 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. It had an adjusted loss of 3 cents per share on revenue of $1.4 billion. Analysts surveyed by Zacks Investment Research predicted earnings of 6 cents per share on revenue of $1.44 billion.

Shares fell slightly in premarket trading.

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(© Copyright 2017 CBS Broadcasting Inc. All Rights Reserved. The Associated Press contributed to this report)