Herbalife Nutrition Announces CEO Transition Plan
Chairman and CEO Michael Johnson to Become Executive Chairman
Effective June 1, 2017
COO Richard Goudis to Succeed Johnson as CEO
LOS ANGELES--(BUSINESS WIRE)--
Global nutrition company Herbalife Ltd. (NYSE: HLF) ("Herbalife
Nutrition" or "the Company") today announced that consistent with the
Company's planned succession strategy, Michael O. Johnson, Herbalife
Nutrition's chief executive officer (CEO) since 2003 and chairman since
2007, will transition to the role of executive chairman of the Company,
effective June 1, 2017. At that time, Richard P. Goudis, currently chief
operating officer (COO), will succeed Mr. Johnson as CEO.
This Smart News Release features multimedia. View the full release here:
Herbalife Nutrition's chief operating officer, Richard P. Goudis (Right in picture) will become CEO of Herbalife Nutrition when current chairman and CEO, Michael O. Johnson (Left in picture) transitions to executive chairman on June 1, 2017 (Photo: Business Wire)
"Over the past 13 years, Michael's incredible vision, leadership and
passion for Herbalife Nutrition's mission have strengthened the
Company's global leadership, expanding our positive impact on the health
and wellness of millions of people in more than 90 countries," said
Jeffrey T. Dunn, lead independent director of Herbalife Nutrition's
Board of Directors. "Michael has skillfully led the Company through a
period of significant expansion, quadrupling annual net sales from $1.1
billion to $4.5 billion over the course of his tenure and deepening
relationships with distributors and customers around the world. As we
move through this planned leadership transition process, we look forward
to Michael's ongoing involvement with the Company as executive chairman,
where his talents, experience and judgment will continue to help guide
the Company and deliver value for shareholders."
"It is a privilege to lead this remarkable company and work with our
extraordinary management team, employees and distributors to reach the
position of strength we are in today," said Mr. Johnson. "Our mission of
improving people's nutrition and health is what attracted me to
Herbalife Nutrition more than 13 years ago, and I am extremely proud
that we have made incredible strides in bringing our mission to bear
around the globe. I look forward to continuing to advocate the
importance of good nutrition, which is at the heart of my new role."
In addition to quadrupling sales, the Company expanded its operations
significantly during Mr. Johnson's tenure and now does business in 94
countries around the world. Herbalife Nutrition's product portfolio also
increased considerably under Mr. Johnson's leadership as did the R&D
function which has grown to include more than 300 scientists and Ph.D.s.
In addition, Mr. Johnson's vision drove many of the Company's key
marketing initiatives, namely the sponsorship of more than 190 athletes
and teams around the globe including the Los Angeles Galaxy soccer team,
soccer sensation Cristiano Ronaldo and cricket superstar Virat Kohli. An
endurance athlete, Mr. Johnson is also responsible for leading the
development and introduction of the Herbalife 24 line of sports
nutrition products, used by elite athletes around the globe.
Mr. Dunn continued, "We are thrilled to name Rich Goudis as Herbalife
Nutrition's next CEO. Rich has more than 18 years of experience in the
nutrition industry, including leadership roles at Rexall Sundown and
GNC, and has been an integral part of Herbalife Nutrition's management
team for 12 years. As Herbalife Nutrition's CFO from 2004 to 2009 and
COO since 2010, Rich has continuously proven to be among the most
visionary, effective and productive leaders in the nutrition industry.
We are confident the Company will continue to thrive under Rich's
leadership and are excited about the future."
"Rich and I have worked side by side for more than a decade, and I've
witnessed firsthand his extraordinary integrity, judgment and passion
for making Herbalife Nutrition a great company," said Mr. Johnson. "The
Board and I have full confidence in his ability to lead Herbalife
Nutrition well into the future and ensure the Company's momentum
Commenting on his appointment, Mr. Goudis said, "I am honored by the
trust the Board has placed in me to lead this great company into the
future. As a leading nutrition company, we have shown our ability to
continuously innovate by bringing new products to market and improving
the customer and distributor experience. I look forward to building upon
this strong foundation and working with our employees and distributors
as we continue to bring quality nutrition to people around the world."
As COO of Herbalife since 2010, Mr. Goudis has been responsible for
Worldwide Manufacturing Operations, Product Development, Quality, Supply
Chain, Human Resources, Information Technology, Security and regional
Finance and operations functions. During this time, the Company expanded
its Herbalife Innovation and Manufacturing (H.I.M.) facilities to five
locations around the world and now manufactures more than 70 percent of
all products in-house, ensuring the highest levels of quality control.
Under Mr. Goudis' management, Herbalife Nutrition also grew its employee
base to more than 8,000 people worldwide. Prior to his role as COO, Mr.
Goudis served as the Company's chief financial officer for six years.
In a separate announcement this afternoon, the Company reported its
third quarter 2016 financial results. The press release can be found
About Herbalife Ltd.
Herbalife is a global nutrition company that has been changing people's
lives with great products since 1980. Our nutrition, weight-management,
energy and fitness and personal care products are available exclusively
to and through dedicated Herbalife independent distributors in more than
90 countries. We are committed to fighting the worldwide problems of
poor nutrition and obesity by offering high-quality products, one-on-one
coaching with an Herbalife distributor and a community that inspires
customers to live a healthy, active life.
We support the Herbalife Family Foundation (HFF) and its Casa Herbalife
programs to help bring good nutrition to children in need. We also
sponsor more than 190 world-class athletes, teams and events around the
globe, including Cristiano Ronaldo, the LA Galaxy and champions in many
The company has over 8,000 employees worldwide, and its shares are
traded on the New York Stock Exchange (NYSE: HLF) with net sales of $4.5
billion in 2015. The Herbalife website contains a significant amount of
financial and other information about the company at http://ir.Herbalife.com.
The company encourages investors to visit its website from time to time,
as information is updated and new information is posted. To learn more,
visit Herbalife.com or IAmHerbalife.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161101006764/en/
Alan Hoffman, Megan Jordan
Source: Herbalife Ltd.
News Provided by Acquire Media
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