Longtime Herbalife Nutrition Director Michael O. Johnson Named Chairman of the Board and Interim Chief Executive Officer
LOS ANGELES, October 31, 2022–(BUSINESS WIRE)–The Herbalife Nutrition (“Board”) Board of Directors announced that Michael O. Johnson, current Board Member and former President and Chief Executive Officer of Herbalife Nutrition (“Company”), has been appointed as Interim President and Chief Executive Officer, succeeding Dr John Agwunobi, who is leaving the company.
The Company plans to appoint a new CEO in 2023.
Mr. Johnson brings more than 40 years of experience leading multinational corporations, including nearly two decades leading Herbalife Nutrition. Recognized for his deep expertise in building brands, Mr. Johnson has a proven track record of innovation, motivation and growth.
“Michael’s vision, intelligence and passion for Herbalife Nutrition make him uniquely qualified to lead Herbalife at this time,” said Alan LeFevre, Lead Independent Director of Herbalife Nutrition’s Board of Directors. “His past success in growing the business, combined with his relationships with the company’s independent distributors, experienced management team, employees and investors, will help the company accelerate its growth and unlock new opportunities. “
“I’ve been fortunate to be part of this iconic brand for nearly two decades and I’m excited for the opportunities ahead. For more than 40 years, Herbalife Nutrition has been transforming people’s lives by providing personalized nutrition and economic opportunity. It’s the best in the industry. This commitment to bettering communities around the world is needed more than ever and while we’re proud of our past, we’re even more excited about our future,” said Mr. Johnson “We have hard work ahead of us, but our entrepreneurial and successful business model is resilient, our Independent Distributors are a powerful engine for continued growth, and our dedicated employees are motivated and engaged.”
Mr. LeFevre continued, “On behalf of all of us at Herbalife Nutrition, we thank Dr. Agwunobi for his service and commitment to society over the past seven years and wish him well in his personal and professional endeavours.
In a separate press release, the company is also announcing third quarter 2022 results today. This press release is available at https://ir.herbalife.com/.
About Michael O. Johnson
Michael O. Johnson is an accomplished business leader with extensive experience growing businesses globally and leading successful business transformations. He was CEO of Herbalife Nutrition from 2003 to 2017, Chairman from 2007 to early 2020, and CEO from 2019 to early 2020. During Mr. Johnson’s tenure as CEO of Herbalife Nutrition, the company quadrupled its sales and expanded its operations worldwide from 58 to 95 markets. Under Mr. Johnson’s leadership, Herbalife Nutrition’s product portfolio and R&D function grew significantly, including the development and introduction of the Herbalife24 line of sports nutrition products. Additionally, he led many of the company’s key marketing initiatives, including sponsorship of over 200 athletes and teams around the world.
As a member of the Board of Directors, his deep understanding of Herbalife Nutrition, Independent Distributors and customers is invaluable to the future growth and development of the company. Mr. Johnson brings decades of leadership and corporate governance experience, as well as expertise in product innovation and marketing.
Prior to Herbalife Nutrition, Mr. Johnson led several Walt Disney departments as president of these divisions, including Walt Disney International, Walt Disney Asia and the Worldwide Home Entertainment Division of Walt Disney Studios. Prior to joining Disney, Mr. Johnson gained extensive experience in the publishing industry, including a senior position at Time Inc. in the early 1980s.
About Herbalife Nutrition Ltd.
Herbalife Nutrition (NYSE:HLF) is a global company changing people’s lives with great nutritional products and a business opportunity for its independent distributors since 1980. The company brings science-backed products to consumers in 95 markets through the through entrepreneurial distributors who provide one-on-one coaching and a supportive community that encourages their customers to adopt a healthier and more active lifestyle. Through the company’s commitment to nourishing people, communities and the planet, Herbalife Nutrition is committed to achieving 50 million positive impacts – tangible acts of good – by 2030, its 50th anniversary.
For more information, please visit IAmHerbalifeNutrition.com.
Forward-looking statements
This release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, the actual results or could differ materially from those projected or implied in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and inherent risks and uncertainties, many of which are beyond our control. Additionally, many of these risks and uncertainties are, and may continue to be, magnified by the COVID-19 pandemic. Important factors that could cause our actual results, performance and achievements, or industry results, to differ materially from the estimates or projections contained or implied by our forward-looking statements include the following:
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the potential impacts of the COVID-19 pandemic and current global economic conditions, including inflation, on us; our members, customers and supply chain; and the global economy;
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our ability to attract and retain members;
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our relationship with our members and our ability to influence their actions;
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our non-compliance or improper action by our employees or members in violation of applicable U.S. and foreign laws, rules, and regulations;
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negative publicity associated with our company or the direct selling industry, including our ability to reassure the market and regulators of our compliance with applicable laws;
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changing consumer preferences and demands and evolving industry standards, including with respect to climate change, sustainability and other environmental, social and governance, or ESG issues;
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the competitive nature of our business and industry;
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legal and regulatory matters, including regulatory actions regarding or legal challenges to our products or network marketing program and product liability claims;
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the consent order entered into with the FTC, its effects and any failure to comply with it;
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risks associated with operating internationally and in China;
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our ability to execute our growth and other strategic initiatives, including the implementation of our transformation program and increased penetration of our existing markets;
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any significant disruption to our business caused by natural disasters, other catastrophic events, acts of war or terrorism, including the war in Ukraine, cyber security incidents, pandemics and/or other acts of third parties;
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our ability to adequately source ingredients, packaging materials and other raw materials and to manufacture and distribute our products;
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our dependence on our information technology infrastructure;
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our or our Members’ failure to comply with any privacy laws, rules or regulations or any breach of security involving the misappropriation, loss or other unauthorized use or disclosure of confidential information;
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contractual limitations on our ability to expand or modify our direct selling business model;
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the sufficiency of our trademarks and other intellectual property;
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product concentration;
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our dependence on, or the loss or departure of any member of our management team;
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restrictions imposed by covenants in agreements governing our indebtedness;
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risks relating to our convertible notes;
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changes and uncertainties relating to the application of transfer pricing, income tax, customs duties, value added taxes and other tax laws, conventions and regulations, or their interpretation;
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our incorporation under the laws of the Cayman Islands; and
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share price volatility related to, among other things, speculative trading and short selling of our common shares by certain traders.
We undertake no obligation to update or release revisions to any forward-looking statement or to report any event or circumstance after the date hereof or to reflect the occurrence of unforeseen events, except as required by law.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20221031005778/en/
contacts
Gary Kishner
Senior Director, Public Relations
213.745.0456
[email protected]
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