Herbalife Announces Executive Management Promotions
Company Reaffirms Guidance at Investor Day
LOS ANGELES--(BUSINESS WIRE)-- Herbalife Ltd. (NYSE: HLF) Chairman and CEO Michael O. Johnson today announced three promotions on his executive management team that are effective January 1, 2010.
Des Walsh is being promoted to president, from his role as executive vice president, worldwide operations and sales. A member of the executive team since he joined in 2004, Walsh is responsible for the growth of our business by working closely with distributors to achieve greater access to and deeper penetration of Herbalife products throughout the world. He oversees all distributor-facing functions in each region where the company conducts business, including marketing, promotions, sponsorships, events, and distributor communications. Walsh has worked with Johnson for more than 14 years including while serving as vice president of The Walt Disney Company's Buena Vista Home Entertainment.
Rich Goudis, who joined the company as CFO in 2004, is being promoted to chief operating officer with responsibility for building and sustaining an infrastructure that allows the company to achieve its growth goals. His functional responsibility includes worldwide operations, human resources, and information technology, along with the back office functions in all the regions. Prior to Herbalife, Goudis was chief operating officer at Rexall Sundown and also had responsibility for General Nutrition Center (GNC) operations.
John DeSimone is being promoted to chief financial officer. Having joined Herbalife in November 2007, DeSimone first served as SVP, finance, and since 2008, distributor operations as well. His accomplishments include leading the company's acquisition of its first manufacturing facility, spearheading new country openings, and overseeing strategic planning, forecasting and budgeting. DeSimone previously served as CFO at Rexall Sundown.
"We have a strong and seasoned management team to lead the company and its almost two million distributors in a world where two of the most pressing problems are escalating health care costs, which are often related to obesity, and lack of jobs," said Johnson. "Herbalife offers healthy daily nutrition in place of unhealthy food choices and a proven business opportunity for part-time or full-time income."
The company will host an analyst and investor day in New York on Thursday, December 17 with Johnson and other members of Herbalife's management team to review the company's current business trends and outlook for 2010. In addition, to celebrate the fifth anniversary of the company's IPO, Johnson and a group of Herbalife Independent Distributors will ring the closing bell at the New York Stock Exchange that day.
In addition the company is reaffirming previously issued full year 2009 earnings and full year 2010 earnings per share guidance ranges of $3.19 - $3.22 and $3.50 - $3.65, respectively.
The meeting will be webcast and available for replay in the investor relations section of Herbalife's Web site at www.Herbalife.com.
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About Herbalife Ltd.
Herbalife Ltd. (NYSE:HLF) is a global network marketing company that sells weight-management, nutrition, and personal care products intended to support a healthy lifestyle. Herbalife products are sold in 72 countries through a network of approximately 1.9 million independent distributors. The company supports the Herbalife Family Foundation and its Casa Herbalife program to help bring good nutrition to children. Herbalife's Web site contains a significant amount of information about Herbalife, including financial and other information for investors at http://ir.Herbalife.com. The company encourages investors to visit its Web site from time to time, as information is updated and new information is posted.
Disclosure Regarding Forward-Looking Statements
This document contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words "may," "will," "estimate," "intend," "continue," "believe," "expect" or "anticipate" and any other similar words.
Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed 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 to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the Securities and Exchange Commission. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, among others, the following:
-- our relationship with, and our ability to influence the actions of, our
distributors;
-- adverse publicity associated with our products or network marketing
organization;
-- uncertainties relating to interpretation and enforcement of recently
enacted legislation in China governing direct selling;
-- our inability to obtain the necessary licenses to expand our direct
selling business in China;
-- adverse changes in the Chinese economy, Chinese legal system or Chinese
governmental policies;
-- improper action by our employees or international distributors in
violation of applicable law;
-- changing consumer preferences and demands;
-- loss or departure of any member of our senior management team which
could negatively impact our distributor relations and operating results;
-- the competitive nature of our business;
-- regulatory matters governing our products, including potential
governmental or regulatory actions concerning the safety or efficacy of
our products, and network marketing program including the direct selling
market in which we operate;
-- third party legal challenges to our network marketing program;
-- risks associated with operating internationally, including foreign
exchange and devaluation risks;
-- our dependence on increased penetration of existing markets;
-- contractual limitations on our ability to expand our business;
-- our reliance on our information technology infrastructure and outside
manufacturers;
-- the sufficiency of trademarks and other intellectual property rights;
-- product concentration;
-- our reliance on our management team;
-- uncertainties relating to the application of transfer pricing, duties,
value added taxes, and other tax regulations, and changes thereto;
-- changes in tax laws, treaties or regulations, or their interpretation;
-- taxation relating to our distributors;
-- product liability claims;
-- any collateral impact resulting from the ongoing worldwide financial
"crisis," including the availability of liquidity to us, our customers
and our suppliers or the willingness of our customers to purchase
products in a recessionary economic environment; and
-- whether we will purchase any of our shares in the open markets or
otherwise.
Source: Herbalife Ltd.
Released Dec 16, 2009 • 5:54pm EST