Global nutrition company, Herbalife (NYSE: HLF), today announced
the appointment of Maria Otero to the Company’s Board of Directors,
effective December 7, 2013. Otero has spent an illustrious career
focused on tackling poverty and empowering those less fortunate
around the world, and her leadership, experience and insight will
be a valuable addition to the Herbalife Board.
Otero joins as an independent Director. With her appointment,
Herbalife has increased the size of its Board to 13 members, 10 of
whom are independent.
“For more than 30 years, I have focused on helping individuals
empower themselves through work, so they can take control of their
own lives. I have seen first-hand the power of giving those
individuals and entire communities the chance to realize their
potential,” said Otero. “Having spent a lot of time getting to know
Herbalife, I am convinced this is a company that shares my belief
in the positive impact that economic empowerment can bring to
society.”
“Throughout a career focused on helping others, Maria has shown
what can be achieved if people are just given the opportunity. She
is a recognized leader in the field of micro-enterprise, and we are
delighted to welcome her to Herbalife’s Board of Directors,” said
Michael O. Johnson, chairman and chief executive officer of
Herbalife. “Maria will be a tremendous addition to our Board, and
we look forward to leveraging her unparalleled knowledge and
insight towards a shared goal of providing an equal and accessible
opportunity to everyone who needs it.”
About Maria Otero
Otero currently serves on the Council on Foreign Relations and
serves on the boards of Kresge Foundation, Public Welfare
Foundation and Development Alternatives Inc.. She has chaired the
board of Bread for the World, and also served on the boards of the
Calvert Foundation, U.S. Institute for Peace, the Inter-American
Foundation and BRAC in Bangladesh.
Born in La Paz, Bolivia, as one of nine children, Otero came
with her family to the U.S. when she was 12 years old. Although her
initial studies in English literature were chosen with a career in
academia in mind, it was her brother who convinced her that her
future lay in helping others. She decided that if she was going to
tackle poverty around the world she would study economics, and she
also returned to Bolivia to improve her knowledge of the Latin
American reality. She returned to the United States to complete
graduate work at the Johns Hopkins School of Advanced International
Studies, where she earned her Masters.
In her early career, Otero became a program officer at the
Inter-American Foundation and worked for five years at the Center
for Population and Development Activities. Otero also worked as an
economist for Latin America and the Caribbean in the Women in
Development Office of USAID.
In 1986, Otero joined Accion, one of the first micro lending
organizations in the world, as country director in Honduras. She
returned to the United States in 1989 to start and direct the
Washington, D.C., office. In that position, she worked with the
U.S. government and nonprofits to develop policies that helped
families in the developing world earn money through small
businesses. A typical microfinance program extends a small amount
of credit, usually with no collateral, to people or organizations
that would not normally qualify for loans. Otero was named Accion's
vice president in 1994, and president and CEO of Accion
International six years later. The nonprofit organization operates
in 26 countries and is recognized as a global leader in
microfinance and economic development.
In 2000, President Clinton appointed Otero to the board of the
United States Institute of Peace, where she served for eight years.
In 2006 she was appointed by Secretary General Kofi Annan to the
U.N. Advisors Group on Inclusive Financial Sectors. In June 2009,
Otero was nominated to serve as under secretary for Democracy and
Global Affairs, which made her the highest ranking Hispanic
official at the State Department, and the first Latina under
secretary in its history. In this position, Otero was charged with
helping shape the State Department's positions on human rights,
climate change, global health, refugees, trafficking in persons and
women’s issues. She oversaw the Bureau of Democracy, Human Rights
and Labor; the Bureau of Oceans, Environment, and Scientific
Affairs; the Bureau of Population, Refugees and Migration; the
Office to Monitor and Combat Trafficking in Persons; and the Office
of the Science and Technology Advisor to the Secretary.
On January 17, 2012, Secretary Clinton named Maria Otero as
under secretary for Civilian Security, Democracy, and Human Rights,
a newly created office and position at the State Department. During
her time at the Department of State, Under Secretary Otero also
served as the President’s Special Coordinator for Tibetan
Issues.
Otero’s awards and recognition include selection by Newsweek in
October 2005 as one of the United States’ 20 most influential
women; Hispanic Business Magazine’s ‘Elite Women of 2007’; Notre
Dame University’s Distinguished Service in Latin America Award;
National Council of la Raza Graciela Olivarez Award; and the Ellis
Island Medal of Honor.
Otero holds an M.A. in literature from the University of
Maryland; an M.A. in international relations from the Paul H. Nitze
School of Advanced International Studies (SAIS), at the Johns
Hopkins University; and an honorary Doctorate of Humane Letters
from Dartmouth College.
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 more than 90 countries to and through 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 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
This document contains “forward-looking statements” within the
meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of
1934, as amended. All statements other than statements of
historical fact are “forward-looking statements” for purposes of
federal and state securities laws, including any projections of
earnings, revenue or other financial items; any statements of the
plans, strategies and objectives of management for future
operations; any statements concerning proposed new services or
developments; any statements regarding future economic conditions
or performance; any statements of belief; and any statements of
assumptions underlying any of the foregoing. Forward-looking
statements may include the words “may,” “will,” “estimate,”
“intend,” “continue,” “believe,” “expect” or “anticipate” and any
other similar words.
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, any difficulties PricewaterhouseCoopers LLP,
our successor accounting firm encounters in the re-audits of such
relevant historical financial statements or any material
modifications to such historical financial statements
PricewaterhouseCoopers LLP believes should be made as a result of
such re-audits;
- 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;
- uncertainties relating to the
interpretation, enforcement or amendment of legislation in India
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.
Herbalife Ltd.Barbara Henderson, SVP, Worldwide Corp.
Communications213-745-0517orAmy Greene, VP, Investor
Relations213-745-0474
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