Bringing a close to years of drama between rival billionaires, activist-investor Carl Icahn has sold his remaining shares in Herbalife. Icahn began purchasing Herbalife in 2013 in response to rival-investor Bill Ackman taking a $1 billion short position on the company and calling it a pyramid scheme. Icahn accumulated approximately one quarter of all Herbalife shares and gained a seat on the company’s board. After outlasting Ackman, Icahn tells the media that his activism on behalf of Herbalife is no longer needed.
Signifying the end of the Carl Icahn era, Herbalife announced three additions to its board; Sophie L’Hélias, founder and president of LeaderXXchange and lead independent director of French luxury-good company Kering SA; Kevin M. Jones, CEO of Rackspace Technology Inc.; and Don Mulligan, former CFO of General Mills, Inc. Two current board members, Michael Montelongo and Margarita Paláu-Hernández, will resign their seats in April at the 2021 Shareholders Meeting, bringing the new board member count to nine. Herbalife also made news by appointing its first ever chief digital officer, Joe Miranda, who will be tasked with facilitating digital transformation and innovation for the global nutrition company . Miranda was previously the chief digital officer for Thomson Reuters. “The creation of this new position will allow the company to deliver exceptional digital experiences for our distributors, customers and employees,” said Frank Lamberti, executive vice president distributor and customer experience of Herbalife Nutrition.