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.
PEOPLE ON THE MOVE – April
Joe Miranda, Herbalife
Joe Miranda has joined Herbalife Nutrition in the newly created role of chief digital officer. Miranda has more than 20 years of experience as a global technology executive in the media, financial, and data analytics industries, developing and executing enterprise digital strategy. He previously served as chief digital officer at Thomson Reuters.
Herbalife Nutrition Ltd. plans to overhaul its board as Carl Icahn winds down his eight-year involvement with the company and it looks to burnish its standing with other investors.
Herbalife will add to its board Sophie L’Hélias, a corporate governance expert and the lead independent director of French luxury-goods company Kering SA; Kevin M. Jones, chief executive of cloud-computing firm Rackspace Technology Inc. ; and Don Mulligan, the former CFO of food conglomerate General Mills Inc., the nutritional-supplements maker plans to announce Monday.
See original story at wsj.com