NEW YORK (TheStreet) -- Shares of Avon Products (AVP) are down 4.85% to $9.42 after the company said it's splitting its Latin American operations between two executives as the beauty products company continues its turnaround efforts, the Wall Street Journal reports.
"Driving growth in our Latin American markets is a top priority for Avon, and adjusting the business management responsibilities between two seasoned Avon executives will allow for better management focus and sustained growth," CEO Sheri McCoy said.
Latin America, Avon's largest geographic market, represents more than half of the New York-based beauty products manufacturer's annual revenue, McCoy said, according to the Journal.
Must Read: Warren Buffett's 25 Favorite Stocks
Avon last month posted a slightly bigger-than-expected decline in revenue for its third quarter, the Journal added, hurt by weak foreign exchange rates and lower sales volumes.
Additionally, Avon said Chief Marketing Officer Patricia Perez-Ayala will be leaving the company on January 2 but didn't provide further details, the Journal said.
Separately, TheStreet Ratings team rates AVON PRODUCTS as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate AVON PRODUCTS (AVP) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its generally high debt management risk, disappointing return on equity and generally disappointing historical performance in the stock itself."