- After almost 14 years on the job
- Laud, praise and thanks for Hunt
- Ritch Wood takes over
(management-change.com) — Provo, Utah, December 07, 2016 — Truman Hunt, chief executive of Nu Skin, leaves. As announced by Nu Skin Enterprises, Inc. in a news release and in a regulatory filing published on Wednesday, December 07, 2016, Truman Hunt, Chief Executive Officer, leaves the maker of personal care products and dietary supplements in a surprising move after almost 14 years on the job, effective in mid-2017.
It is the end of an era.
Hunt’s duties are taken over by Ritch Wood, currently Chief Financial Officer at Nu Skin Enterprises, Inc.
The company expects to name a successor to Wood as chief financial officer prior to his becoming chief executive officer.
Ryan Napierski will become the company’s president.
“Three-year leadership assignment for The Church of Jesus Christ of Latter-day Saints”
The management change is explained as follows. Nu Skin said: “On December 5, 2016, Truman Hunt … notified the Company that he has accepted a three-year leadership assignment for The Church of Jesus Christ of Latter-day Saints and that he will therefore step down as Chief Executive Officer and President of the Company in mid-2017.”
Hunt also notified the Company that he will not stand for re-election to the Company’s Board of Directors at the Company’s 2017 Annual Meeting of Stockholders.
Chaired by Steven Lund
Nu Skin Enterprises, Inc. is chaired by Steven J. Lund.
Lund serves as executive chairman of the board for Nu Skin Enterprises. He also serves as the executive director of the company’s Nourish the Children initiative.
On the job as CEO since 2003
Hunt has been the Chief Executive Officer of Nu Skin Enterprises since May 20, 2003.
Hunt was appointed president and chief executive officer of Nu Skin Enterprises in 2003. Under his leadership, the company operates in 54 markets.
“Hunt is focused on the company’s mission to be a force for good throughout the world by empowering people to improve lives with rewarding business opportunities, innovative products, and an enriching, uplifting culture,” the company said.
Hunt serves on the executive board for the Nu Skin Force for Good Foundation.
In 2012, Hunt was named a CEO of the Year by Utah Business magazine.
Hunt is also active in industry associations, serving as chairman of the World Federation of Direct Selling Associations from 2005 to 2008 and member of the United Stated Direct Selling Association (DSA) Executive Committee.
He also served as chairman of the board of directors for the United States DSA from 2014 to 2015.
Hunt has served in various positions with Nu Skin since 1994, including executive vice president from 2001-2003 and general counsel from 1996-2003.
Prior to joining Nu Skin, he was president and chief executive officer of Better Living Products, Inc., a company involved in the manufacture and distribution of housewares products sold through traditional retail channels.
Prior to joining Better Living Products in 1991, he was a securities and business attorney in private practice.
Hunt earned a Bachelor’s degree in business management from Brigham Young University and a Juris Doctorate degree from the University of Utah.
Read the full story in the management-change.com report 46.2016 ($).