Herbalife Nutrition has reported financial results for the fourth quarter and full year ended December 31, 2019. Reported net sales of US$4.9 billion for the full year 2019 were relatively flat compared to 2018. Fourth quarter reported net sales of US$1.2 billion increased 2.8% year on year.
Herbalife Nutrition also announced that John Agwunobi, who as previously announced will become CEO effective March 30, 2020, will also assume the role of Chairman of the Board, effective upon his election to the Board at the upcoming Annual Meeting of Shareholders. Michael Johnson will retire as Chairman and CEO after 17 years at the company.
James Nelson, Lead Independent Director of the Board,said, “Michael Johnson has been a tremendous leader of Herbalife Nutrition for the last 17 years, setting the course and overseeing a period of extraordinary growth marked by global expansion, significant product innovation and deep connections to distributors and customers around the world.
“On behalf of the entire board, I thank Michael for being the architect of the company’s success to date and for laying a strong foundation for continued growth under John Agwunobi’s leadership. We have complete confidence that John will continue where Michael leaves off as Chairman and CEO and are eager for him to bring his vision and unique skills to leading the company.”
Outgoing Chairman and CEO Michael Johnson added, “I couldn’t be more proud of the incredible strides our employees and distributors have made to advance our mission to change lives and communities around the world. John has been a critical contributor to these efforts over the last several years and as we’ve worked together to prepare to transition the leadership of our company, it’s become clear he is ready to assume both the CEO and Chairman roles now.
With John at the helm of the company and the board, I know that our mission will endure, and expect that Herbalife Nutrition will continue to grow.”