- Push-out Score determined
- After about two and a half years in the position
- Thanks and good wishes for Agwunobi
- Michael Johnson taking over temporarily
- Search for a successor
(exechange) — Los Angeles, California, October 31, 2022 — John Agwunobi, chief executive of Herbalife, leaves. As announced by Herbalife Nutrition Ltd. in a news release and in a regulatory filing published on Monday, October 31, 2022, John O. Agwunobi has left his post as chief executive officer at the nutrition marketer, after about two and a half years in the role, effective October 27, 2022.
Herbalife will undertake a search for a successor.
John Agwunobi’s duties as CEO will be taken over temporarily by Michael O. Johnson, a former Chairman and Chief Executive Officer at Herbalife Nutrition Ltd., as interim Chief Executive Officer.
John Agwunobi’s move coincides with a management shake-up also involving the position of Executive Vice President of Global Corporate Affairs.
“Accelerate growth and unlock additional opportunities”
Herbalife did not give an explicit reason for John Agwunobi’s departure from the CEO post. Alan LeFevre, lead independent director of Herbalife Nutrition’s Board of Directors, said: “Michael’s vision, intellect and passion for Herbalife Nutrition make him uniquely qualified to lead Herbalife at this time. His past success of growing the business, combined with his relationships with the Company’s independent distributors, experienced management team, employees and investors, will help the Company accelerate growth and unlock additional opportunities.”
Precise information regarding John Agwunobi’s future plans was not immediately available.
“Departing/stepped down”
Herbalife said: “Michael O. Johnson, current member of the Board and the former Chairman and CEO of Herbalife Nutrition (“Company”), has been named Chairman and interim Chief Executive Officer, succeeding Dr. John Agwunobi, who is departing the company.”
Herbalife further said: “On October 27, 2022, Dr. John Agwunobi stepped down as the Company’s Chairman and Chief Executive Officer and as a member of the Board of Directors of the Company (the “Board”), effective October 27, 2022.”
“Not due to any disagreements”
“Dr. Agwunobi’s transition was not due to any disagreements with the Company,” Herbalife said.
Share price decline since October 2021
The announcement follows a decline in Herbalife Nutrition Ltd.’s share price of 50% since October 2021.
In the position of CEO since 2020
John Agwunobi became CEO of the Company in 2020.
Agwunobi served as the Company’s Chairman and Chief Executive Officer and has held such positions since April 29, 2020 and March 30, 2020, respectively.
He previously served as the Company’s Chief Health and Nutrition Officer from February 2016 to March 2020, and assumed the additional role of Co-President from February 2018 to March 2020.
Prior to joining the Company, from April 2014 to February 2016, Agwunobi advised a number of privately-held companies and, from September 2007 to April 2014, served as Senior Vice President and President, Health and Wellness for Walmart Stores, Inc.
From December 2005 to September 2007, he served as the Assistant Secretary of Health for the U.S. Department of Health and Human Services, where he was responsible for disease prevention and health promotion.
Agwunobi is currently a director at the U.S. African Development Foundation.
Other Public Board Memberships: bluebird bio (since June 2017).
Previous Public Board Memberships (Past Five Years): Magellan Health Services, Inc. (from December 2014 to June 2019).
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding John Agwunobi’s move on a scale of 0 to 10.
exechange reached out to Herbalife and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 45.2022 ($).