Avon Products Inc said it named Johnson & Johnson executive Sherilyn McCoy as its chief executive officer, effective April 23.

The world's largest direct seller of cosmetics, which rejected a takeover bid from fragrance company Coty Inc last week, had announced in December that it would look outside for a new CEO and that current chairman and CEO Andrea Jung would become executive chairman.

McCoy, 53, was with the pharmaceutical company for three decades, and most recently served as vice chairman of Johnson & Johnson's pharmaceutical, consumer, corporate office of science and technology, and information technology divisions.

(Reporting By Dhanya Skariachan; Editing by Gerald E. McCormick)