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Michael O. Johnson Nominated to Rejoin Herbalife Nutrition’s Board of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
Tags
management
Rhea-AI Summary
Herbalife Nutrition Ltd. announced that Michael O. Johnson, former Chairman and CEO, will be a nominee for its Board of Directors at the upcoming Annual General Meeting. Johnson, a significant investor with decades of experience, aims to enhance the Board's expertise to support the Company's growth. This nomination follows the addition of three new board members in March 2021, bringing the total to ten directors. Johnson previously led the Company from 2003 to 2017, significantly boosting sales and expanding global operations. His return is seen as vital for driving future growth and governance.
Positive
Reinforcement of Board with experienced leadership through Michael Johnson's nomination.
Expected enhanced governance and strategic direction for future growth.
Negative
Concerns about continuity and potential experience gaps following recent board changes.
LOS ANGELES--(BUSINESS WIRE)--
Herbalife Nutrition Ltd. (“Company”), a premier global nutrition company, today announced that industry veteran Michael O. Johnson will be a nominee for Herbalife Nutrition’s Board of Directors in the upcoming Annual General Meeting. Mr. Johnson, Herbalife Nutrition’s long-time past Chairman and CEO, is a significant and long-standing investor in the Company. He brings decades of experience in corporate leadership and in the direct selling industry, as well as expertise in product innovation and marketing.
The addition of Mr. Johnson as a nominee to the Board of Directors is part of the Company’s strategy to build a Board with varied expertise and viewpoints that supports the continuing growth of the Company. With the nomination of Mr. Johnson and the three new board members appointed in March 2021, the slate for the Board includes 10 directors, five of whom are members of diverse communities. The Board of Directors anticipates expanding the Board by another seat in the near future, bringing the Board to eleven members, and filling the five board seats that were vacated following the Company’s repurchase of approximately $600 million of Herbalife Nutrition common shares from Icahn Enterprises L.P. last year.
John Agwunobi, Chairman and CEO of Herbalife Nutrition, said, “Michael brings a wealth of knowledge, experience and passion to the Board, and we’re thrilled he is rejoining us. Since his departure as Chairman and CEO, he has been a mentor to our management team. His deep understanding of the Company, our products, our independent distributors and their customers will be invaluable to the Board as we focus on driving future growth, enhancing our governance and creating additional shareholder value. I look forward to his continued guidance as we work together to become the most trusted name in nutrition.”
“For more than forty years, this Company has been changing lives around the world,” said Mr. Johnson. “I look forward to working with Chairman and CEO John Agwunobi and Lead Independent Director Al LeFevre along with my fellow board members, to provide oversight and guidance to the executive team as they continue their work bringing quality nutrition and economic opportunities to people around the globe. The executive team has done a tremendous job growing the business through the pandemic and the challenges and opportunities of the last couple of years, and I’m thrilled to support their vision and strategy for future success.”
Mr. Johnson served as CEO of Herbalife Nutrition from 2003 to 2017, Chairman from 2007 to early 2020 and interim CEO from 2019 to early 2020. During Mr. Johnson’s prior tenure with Herbalife Nutrition, the Company quadrupled sales and expanded its operations around the world. Under Mr. Johnson’s leadership, Herbalife Nutrition’s product portfolio and R&D function significantly increased, including the development and introduction of the Herbalife24 line of sports nutrition products. In addition, he drove many of the Company’s key marketing initiatives, including the sponsorship of athletes and teams around the globe. Prior to Herbalife Nutrition, Mr. Johnson was President of Walt Disney International for 17 years.
Herbalife Nutrition also encourages investors to visit its investor relations website, ir.herbalife.com, for financial and other updated information.
About Herbalife Nutrition Ltd.
Herbalife Nutrition (NYSE: HLF) is a global nutrition company that has been changing people's lives with great nutrition products and a business opportunity for its independent distributors since 1980. The Company offers science-backed products to consumers in 95 markets by entrepreneurial distributors who provide one-on-one coaching and a supportive community that inspires their customers to embrace a healthier, more active lifestyle. Through the Company’s commitment to nourish people, communities and our planet, Herbalife Nutrition pledges to achieve 50 million positive impacts – tangible acts of good – by 2030, our 50th anniversary.
