Herbalife Ltd. (NYSE: HLF) today announced the preliminary
voting results for its 2013 Annual General Meeting of Shareholders
(the “Annual Meeting”).
Herbalife shareholders voted to elect Jonathan Christodoro and
Keith Cozza to the Herbalife Board of Directors as Class II
directors to serve two-year terms. Herbalife shareholders also
voted to elect Leroy T. Barnes, Jr., Richard P. Bermingham and
Jeffrey T. Dunn to the Herbalife Board of Directors as Class III
directors to serve three-year terms.
In addition, Herbalife shareholders voted to:
- approve the Company’s executive
compensation program for 2012; and
- amend the Company’s charter to
implement the annual election of directors
As previously announced, as part of an agreement with Carl C.
Icahn, Icahn Enterprises Holdings L.P. and certain related entities
(collectively the "Icahn Parties"), Herbalife agreed to nominate
two individuals to the Company's Board of Directors, designated by
the Icahn Parties and approved by the Company's Nominating and
Corporate Governance Committee. Messrs. Christodoro and Cozza are
representatives of the Icahn Parties.
Background information on all matters voted on during
Herbalife’s 2013 Annual General Meeting of Shareholders and on the
Company’s Board of Directors is available on the Investor Relations
section of Herbalife’s website at http://ir.Herbalife.com.
About Herbalife Ltd.
Herbalife Ltd. (NYSE:HLF) is a global nutrition company that
sells weight-management, nutrition, and personal care products
intended to support a healthy lifestyle. Herbalife products are
sold in over 80 countries through and to a network of independent
distributors. The company supports the Herbalife Family Foundation
and its Casa Herbalife program to help bring good nutrition to
children. Herbalife's website contains a significant amount of
information about Herbalife, including financial and other
information for investors at http://ir.Herbalife.com. The company
encourages investors to visit its website from time to time, as
information is updated and new information is posted.
FORWARD-LOOKING STATEMENTS
Although we believe that the expectations reflected in any of
our forward-looking statements are reasonable, actual results could
differ materially from those projected or assumed in any of our
forward-looking statements. Our future financial condition and
results of operations, as well as any forward-looking statements,
are subject to change and to inherent risks and uncertainties, such
as those disclosed or incorporated by reference in our filings with
the Securities and Exchange Commission. Important factors that
could cause our actual results, performance and achievements, or
industry results to differ materially from estimates or projections
contained in our forward-looking statements include, among others,
the following:
• the resignation of our former independent registered public
accounting firm, its withdrawal of its audit reports with respect
to certain of our historical financial statements, and any
difficulties we encounter engaging a successor accounting firm;
• any collateral impact resulting from the ongoing worldwide
financial environment including the availability of liquidity to
us, our customers and our suppliers or the willingness of our
customers to purchase products in a difficult economic
environment;
• our relationship with, and our ability to influence the
actions of, our distributors;
• improper action by our employees or distributors in violation
of applicable law;
• adverse publicity associated with our products or network
marketing organization, including our ability to comfort the
marketplace and regulators regarding our compliance with applicable
laws;
• changing consumer preferences and demands;
• our reliance upon, or the loss or departure of any member of,
our senior management team which could negatively impact our
distributor relations and operating results;
• the competitive nature of our business;
• regulatory matters governing our products, including potential
governmental or regulatory actions concerning the safety or
efficacy of our products and network marketing program, including
the direct selling market in which we operate;
• legal challenges to our network marketing program;
• risks associated with operating internationally and the effect
of economic factors, including foreign exchange, inflation,
disruptions or conflicts with our third party importers, pricing
and currency devaluation risks, especially in countries such as
Venezuela;
• uncertainties relating to the application of transfer pricing,
duties, value added taxes, and other tax regulations, and changes
thereto;
• uncertainties relating to interpretation and enforcement of
legislation in China governing direct selling;
• our inability to obtain the necessary licenses to expand our
direct selling business in China;
• adverse changes in the Chinese economy, Chinese legal system
or Chinese governmental policies;
• our dependence on increased penetration of existing
markets;
• contractual limitations on our ability to expand our
business;
• our reliance on our information technology infrastructure and
outside manufacturers;
• the sufficiency of trademarks and other intellectual property
rights;
• product concentration;
• changes in tax laws, treaties or regulations, or their
interpretation;
• taxation relating to our distributors;
• product liability claims;
• whether we will purchase any of our shares in the open markets
or otherwise; and
• share price volatility related to, among other things,
speculative trading and certain traders shorting our common
shares.
We do not undertake any obligation to update or release any
revisions to any forward-looking statement or to report any events
or circumstances after the date hereof or to reflect the occurrence
of unanticipated events, except as required by law.
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