Herbalife Announces Succession Plan; Reports Record-Breaking Q3

John Agwunobi

The Board of Directors of Herbalife Nutrition announced that John Agwunobi, co-president and chief health and nutrition officer, will become chief executive officer, effective March 30, 2020.

At that time, John DeSimone, co-president and chief strategic officer, will become president. Michael Johnson, who is serving as CEO on an interim basis, will remain chairman of the Board of Directors.

“With an accomplished and unique background as a physician, public health official and business leader, Dr. Agwunobi embodies our company’s vision, values and nutrition philosophy,” said Johnson. “He has been an integral part of our business, from customer and distributor experiences to product development, and I am confident he has the vision, skills and experience necessary to lead this great company into the future.”

Agwunobi, M.D., M.B.A., M.P.H., joined Herbalife Nutrition as chief health and nutrition officer in 2016 and was named co-president in 2018. During his tenure, he led the company’s efforts in expanding its product portfolio and strengthening relationships with distributors and customers.

“I am incredibly excited about the opportunities ahead for Herbalife Nutrition,” said Agwunobi. “Thanks to the dedication and commitment of our independent distributors and employees, we are changing millions of people’s lives by helping them improve their nutrition with proven, great-tasting products and personalized support, while also providing our distributors the opportunity to be an entrepreneur.

Third Quarter Results

Herbalife yesterday reported financial results for the third quarter ended September 30, 2019.

Net sales were $1.2 billion, an increase of 0.1 percent compared to the third quarter 2018. Excluding China, net sales increased 6.1 percent compared to the prior year period.

Volume points of 1.5 billion increased 2.3 percent compared to the third quarter 2018, representing the largest quarterly volume point result in company history. Excluding China, volume points increased 5.2 percent compared to the prior year period.

Regionally, net sales for the third quarter, including foreign exchange rates, were:

  • Asia Pacific – $324.5 million, an increase of 18.3%
  • North America – $257.1 million, an increase of 7.1%
  • EMEA – $242.3 million, an increase of 2.7%
  • Mexico – $116.5 million, a decrease of 3.9%
  • China – $208.7 million, a decrease of 21.7%
  • South & Central America – $95.4 million, a decrease of 9.1%

“The momentum we’ve built in our business throughout 2019 continued in the third quarter with record-breaking volume point results,” said Michael Johnson, chairman and CEO of Herbalife Nutrition. “We believe this momentum will continue long into the future with the appointment of John Agwunobi as our CEO and John DeSimone as president.”

To read the full Herbalife Q3 2019 report, click here.