Herbalife Nutrition announced that the company’s long-time Chairman and CEO Michael O. Johnson will drop “interim” from his title, and agree to a salary of “one dollar”. In addition, Johnson agreed to an equity-based long-term incentive plan in the form of Stock Appreciation Rights and Restricted Stock Units.
“We’re thrilled to know that Michael will leverage his deep understanding of the Company, our products, our independent distributors and their customers as he guides the Company through its digital transformation and growth,” said Alan W. LeFevre, Lead Director of the Herbalife Nutrition Board of Directors.
Michael O. Johnson served as CEO of Herbalife Nutrition from 2003 to 2017, Chairman from 2007 to early 2020, and CEO from 2019 to early 2020.
During Johnson’s time as CEO of Herbalife, the Company quadrupled sales and expanded its global operations from 58 to 95 markets. Also under his leadership, Herbalife’s product portfolio and R&D function significantly increased.
CEO Michael O. Johnson said, “Together with our passionate distributors, we have an opportunity to help consumers and distributors live their best lives. Through our product innovation, digital transformation, brand enhancement, and our global distribution model, our vision is to become the world’s premier public health community.”
Specifics of Mr. Johnson’s long-term incentive plan can be found in the 8K filed on December 27, 2022.
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