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Barington Capital won its activist fight to oust Avon Products Inc. (AVP) - Get Avon Products, Inc. Report CEO Sheri McCoy with her announcement Thursday that she will step down from her position next March. 

Barington, which had a $14.5 million stake in the company as of the end of last year, has been pushing for changes at Avon for over two years as the company's stock has lost nearly 80% of its value since McCoy became CEO in 2012. 

Avon shares were down 9.5% to $3.05 per share in premarket trading Thursday. 

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