- Push-out Score determined
- After about four and a half years in the position
- Praise and thanks for Wood
- Ryan Napierski taking over
- Wood said 114 words
(exechange) — Provo, Utah, February 11, 2021 — Ritch Wood, chief executive of Nu Skin, leaves his post. His departure is made public at an early stage. As announced by Nu Skin Enterprises Inc. in a news release published on Wednesday, February 10, 2021 and in a regulatory filing published on Thursday, February 11, 2021, Ritch N. Wood leaves his post as chief executive officer of the provider of personal care products and dietary supplements after about four and a half years in the role, effective September 1, 2021.
Ritch Wood’s duties as CEO will be taken over by Ryan S. Napierski, currently president of Nu Skin Enterprises Inc.
It is anticipated that Napierski will begin taking on additional responsibilities over the next several months in preparation for the leadership transition in September.
“The time is right”
Ritch Wood’s departure from the CEO post is explained as follows. Wood said: “The time is right for Ryan to take the reins, consistent with our succession planning process when we stepped into our roles together four years ago.”
Precise information regarding Ritch Wood’s future plans was not immediately available.
Nu Skin said: “Napierski will succeed Nu Skin CEO Ritch Wood, who has decided to retire as CEO effective Sept. 1, 2021, after a successful 30-year career with the company.”
Nu Skin further said: “On February 8, 2021, Ritch N. Wood, the Company’s Chief Executive Officer, informed the Company’s Board of Directors (the “Board”) that he will retire as CEO effective September 1, 2021.”
Share price decline since February 2018
The announcement follows a decline in Nu Skin Enterprises Inc.’s share price of 14% since February 2018.
Chaired by Steven J. Lund
Steven J. Lund serves as Nu Skin Enterprises Inc.’s Executive Chairman.
He also serves as the executive director of the company’s Nourish the Children initiative, which has facilitated the donation of hundreds of millions of meals to malnourished children around the world.
In the position of CEO since 2017
Ritch Wood became CEO of the Company in 2017.
Wood will continue as an executive advisor through early 2022, and it is anticipated that Napierski will assume Wood’s position on the Board at the 2021 stockholder meeting in June.
Ritch N. Wood was appointed to serve as the Company’s Chief Executive Officer in 2017.
He previously served as the Company’s Chief Financial Officer since 2002. He was named CFO of the Year by Utah Business Magazine in 2010.
Wood joined the Company in 1993 and served in various capacities before his appointment as Chief Financial Officer, including Vice President of Finance and Vice President of New Market Development.
Wood is a trustee of the Force for Good Foundation, a charitable organization that the Company established to help drive the Company’s philanthropic efforts.
Prior to joining the Company, he worked for the accounting firm of Grant Thornton LLP.
Wood earned a B.S. and a M.Acc. degree from Brigham Young University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Ritch Wood’s move on a scale of 0 to 10.
exechange reached out to Nu Skin and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 7.2021 ($).