- After less than a year and a half on the job
- Gary Koos taking over in the interim
- Search for a successor
(management-change.com) — Salt Lake City, Utah, January 18, 2017 — Mark Jaggi, finance chief of LifeVantage, leaves. It is an abrupt change. As announced by LifeVantage Corporation in a news release and in a regulatory filing published on Wednesday, January 18, 2017, Mark Jaggi leaves the post as Chief Financial Officer at the maker of dietary supplements in a surprising move after less than a year and a half on the job, effective immediately.
No company wants a CFO to flame out in the first years.
LifeVantage will undertake a search for a successor.
Jaggi’s duties are taken over in the interim by Gary Koos, most recently Head of Finance of the PCT division at Comet Technology Inc.
No reason given
In the announcement, LifeVantage did not explicitly explain the obviously compelling reason for Jaggi’s sudden move, leaving room for speculation.
Generally speaking, it is often an alarm signal for stockholders when a CFO leaves the position abruptly and without a reasonable explanation.
LifeVantage said: “On January 18, 2017 …, LifeVantage Corporation … terminated the employment of Mark Jaggi, the Company’s Chief Financial Officer.”
Precise information about the future plans of Jaggi was not immediately available.
Share price decline
The change follows a decline in the share price of LifeVantage Corporation since July 2016.
Chaired by Garry Mauro
LifeVantage Corporation is chaired by Garry Mauro.
Mauro has been a member of the board of directors since 2008.
CEO: Darren Jensen
Darren Jensen serves as CEO of LifeVantage Corporation. Jensen has been the Chief Executive Officer and President of Lifevantage Corporation since May 18, 2015 and has been its Director since January 2016.
On the job as CFO since 2015
Jaggi has been the Chief Financial Officer and Treasurer of Lifevantage Corporation since August 24, 2015.
Jaggi is a highly experienced finance and operations executive, having spent the past 20 years in lead financial, operational, and strategic planning roles.
Most recently, Jaggi served as Chief Financial Officer at TwinLab Consolidated Holdings, where he led and supported their debt and equity financing, as well as the financial and operational decision-making in all areas of the business.
Prior to TwinLab Consolidated Holdings, Jaggi served as Chief Executive Officer and Chief Financial Officer at Summit Industries, a manufacturer and marketer of pharmaceutical and non-regulated liquid and cream solutions.
Prior to Summit Industries, Jaggi was Chief Financial Officer at O’Sullivan Industries, where he led the international financial processes including analysis, accounting operations, reporting, forecasting and auditing within the consumer products industry.
Jaggi began his career in finance at Ford Motor Company serving in product development vehicle line finance, acquisitions, and sales and marketing.
He graduated Magna Cum Laude from the University of Utah, and holds an MBA from Duke University’s Fuqua School of Business.
At the time of Jaggi’s appointment as Chief Financial Officer, LifeVantage President and Chief Executive Officer Darren Jensen had said: “Mark Jaggi brings the perfect mix of business acumen and financial expertise to the company. His years of experience in the nutritional supplement industry as a finance and operations executive, and within growing, publicly traded companies gives Mark a clear understanding of what needs to be accomplished to successfully and responsibly position LifeVantage for long-term sustainable growth.”
Read the full story in the management-change.com report 04.2017 ($).