Herbalife Nutrition Ltd. has commenced a “modified Dutch auction” self-tender offer to purchase up to $750 million of its common shares for cash at a per-share price not greater than $50.00 nor less than $44.75. The tender offer is scheduled to expire at 5:00 p.m., EDT, on Aug. 11, unless the offer is extended. The company also released preliminary volume point results for the second quarter ending June 30. Based on preliminary information, the company expects second-quarter 2020 volume points of approximately 1.7 billion, an increase of 12.4 percent compared to the second quarter 2019, representing the largest volume point quarter in company history.
Herbalife Nutrition’s co-president and chief strategic officer, John DeSimone, has transitioned to president. DeSimone will manage regional leaders as well as have responsibility for distributor-facing functions. He joined Herbalife in 2007.
Luis Vazquez has been named senior vice president, sales and marketing at Tupperware. Vazquez will lead the implementation of streamlined compensation models, enhanced customer experience, and accelerated product innovation as well as rapidly implement digital tools.
Tupperware has elected Mauro Schnaidman to its board of directors. Schnaidman has more than 30 years in the consumer product, digital and direct selling sectors. He is former president and CEO of JAFRA Cosmetics.
WorldVentures Founder and Chief Visionary Officer Wayne Nugent will become CEO for the first time in the company’s 14-year history. In this role, he will provide strategic guidance and long-term planning. Nugent started his career in general sales for companies such as Cahners Business Systems and GTE.
Dr. Luis N. Pacheco, FAAFP, has joined Plexus Worldwide’s Medical Advisory Board. Pacheco is an award-winning family physician. He has received recognition from The American Diabetes Association and The “Head Start” Program.
Janne Heimonen, Kannaway
Janne Heimonen, managing director, Europe, at Kannaway, has been appointed managing director, international. Heimonen joined Kannaway in 2019, bringing more than 25 years of leadership and sales experience in direct selling, fulfilling roles in both European and U.S.-based companies, including Nikken.
As a result of the recent restructuring of Tupperware Brands Corp., Patricio Cuesta has been hired as executive vice president and president, commercial, worldwide. In a new position for the company, his team will begin integrating sales, marketing and digital strategies to support the sales growth.
Gary Gallant has been named the company’s permanent CIO. In this role, Gallant will establish and execute Isagenix’s technology vision, contributing to an improved shopping experience for customers and digital tools for distributors. Gallant previously served as interim CIO at Rodan + Fields.
WorldVentures has hired Michael Poates as chief operating officer. Poates will work to establish new partnerships and secure existing partnerships, as well as support the field. He has nearly 30 years in growth strategies for brands such as Mr. Gatti’s and Dairy Queen.
Kannaway Chief Marketing Officer Stephen Jones has been promoted to president. In his new position, Jones will be responsible for sales, marketing and field development. Jones served as general manager of Canada for Jeunesse and in multiple roles of increasing importance at MonaVie.
Tony Chaplin has joined Elepreneurs as chief operations officer. In his new role, Chaplin will streamline processes to further improve efficiencies and increase profitability. He has served in executive leadership roles for numerous companies, including Zurvita, SUCCESS Partners, Scentsy and Nikken.
Herbalife Nutrition has agreed to pay a $20 million fine to the Securities and Exchange Commission to settle charges that the company made false and misleading statements in its regulatory filings over a six-year period—between 2012 and 2018—related to its business operations in China, where multi-level marketing is illegal. The statements in the filings indicated that Herbalife paid compensation to service providers in China based on a system of hours worked; however, the SEC alleged the company used its global genealogy system to calculate pay based on commissions for eligible downline purchases. Herbalife consented to the SEC order without admitting or denying the commission’s findings.
In order to meet market demand in China, Herbalife Nutrition announced the opening of a product innovation center in Zhangjiang Hi-Tech Park, often called China’s Silicon Valley. The center will include research and development space and several labs. Herbalife opened its first factory in China in 1998.