Shares of Avon Products (AVP) fell in early morning trading on Thursday as the beauty company appointed Jamie Wilson CFO effective January 1.
Prior to joining Avon, Wilson was the CFO of SABMiller from 2011 to 2015. The brewer recently combined with AB InBev in a $100 billion-plus deal.
Avon's current CFO and COO James Scully will continue as COO through 2017, according to a statement.
Scully will remain responsible for the global supply chain and information technology functions, and lead the project management office for Avon's transformation plan, which includes cost savings initiatives.
The company noted it has made "solid progress" on its transformation plan, including accelerating the pace of the 2016 cost savings initiatives and taking action to significantly improve its balance sheet.
"I'm thrilled to have attracted someone of Jamie's caliber to join our Avon Products team. Jamie has a proven track record of strong financial leadership over an impressive and diverse career. That, along with his breadth of consumer expertise in international markets, will be immensely valuable as we continue to deliver on the Company's Transformation Plan," CEO Sheri McCoy said in a statement.
Last month, the New York-based company posted weaker-than-expected results for the 2016 third quarter.