McCoy, 53, has worked at Johnson & Johnson for 30 years, most recently as vice chairman of the company's Pharmaceutical, Consumer, Corporate Office of Science & Technology, and Information Technology Divisions.
Essentially, she had oversight of more than 60 percent of Johnson & Johnson's $65 billion in revenues, Avon said in a statement.
Jung, as previously announced, is dropping her CEO responsibilities but staying with Avon as its executive chairman.
"We are thrilled to have someone of Sheri's caliber assuming the leadership of Avon. She is also known for her ability to identify and empower great talent and motivate and inspire people," Jung said.
Along with a sales force of "over 6 million," McCoy said, Avon has "an enviable geographic footprint." She said she was "extremely honored and excited to join Avon -- a great company with an iconic brand and so much clear potential. "