Herbalife Ltd. (NYSE:HLF) CEO Michael Johnson will be stepping down from the role next year.
The Herbalife Ltd. CEO will step down as the leader of the company on June 1, 2017. At this time, he will transition from the CEO role to the position of Executive Chairman. Michael Johnson has served as the CEO of HLF since 2003.
Herbalife Ltd. already has a replacement CEO ready for when Michael Johnson leaves the position. Current COO Richard P. Goudis will take over as the nutrition company’s CEO when Johnson steps down next year. He has held the COO role at HLF since 2010.
“Rich and I have worked side by side for more than a decade, and I’ve witnessed firsthand his extraordinary integrity, judgment and passion for making Herbalife Nutrition a great company,” Herbalife Ltd. CEO Michael Johnson said in a statement. “The Board and I have full confidence in his ability to lead Herbalife Nutrition well into the future and ensure the Company’s momentum continues.”
Herbalife Ltd. also released its earnings report for the third quarter of 2016. The company reported earnings per share of $1.21 cents for the quarter. Revenue reported by the company during this time was $1.12 billion.
Wall Street analysts were expecting Herbalife Ltd. to report earnings per share of $1.09 for the third quarter of the year. Wall Street also expected the company to report revenue of $1.14 billion for the most recent quarter.
Herbalife Ltd. is expecting earnings per share for the fourth quarter of 2016 to range from 80 cents to $1.00. Analysts are expecting the company to report earnings per share of $1.07 in the fourth quarter of 2016.
HLF stock was down 10% as of Wednesday afternoon.
