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Another major management change at Mannatech
You will recall that the founder and CEO, Sam Caster, stepped down from Chairman of the Board in February of this year. He had already resigned from the CEO spot in August of 2007.
So this latest news would seem unsettling:
Mannatech, Incorporated (NASDAQ: MTEX) announced today that President and CEO Wayne L. Badovinus has resigned from the company for personal reasons as its top executive and Board member. Badovinus joined Mannatech in May 2008.
In a novel and strategic move for the company, three veteran Mannatech executives will work together within the newly created ‘Senior Executive Office’. Mannatech’s Chief Financial Officer Steve Fenstermacher and Chief Science Officer Dr. Rob Sinnott have been named co-CEOs while Randy Bancino, senior vice president has been named president of global business operations and expansion.
The full article can be found at StreetInsider.com
On December 4th, DallasNews.com added more details and revealed how all the recent problems seem to be causing increasing losses:
After 17 months on the job, Mannatech Inc. chief executive Wayne Badovinus resigned Thursday.
The Coppell-based nutritional supplement provider, mired by lawsuits alleging illegal marketing, said Badovinus left to spend more time with his grandchildren in Seattle. Badovinus could not be reached for comment…..
Badovinus, 66, a former CEO of Eddie Bauer Holdings Inc., started working at Mannatech on June 16, 2008. He inherited a company dogged by controversy and shareholder lawsuits.
A few days before Badovinus started, Mannatech reached an $850,000 settlement with four shareholders who accused top executives of damaging the company through “gross mismanagement, waste of corporate assets” and not monitoring sales staffers’ Web sites.
In February, Mannatech and former chief executive Samuel Caster reached a $7 million settlement with the state for marketing its nutritional supplements as remedies for cancer and other serious conditions.
In announcing the settlement, Texas Attorney General Greg Abbott issued a threat: “If they do it again, we will ensure they get put out of business.”
Publicity over the lawsuits damaged the company’s balance sheets and stock performance. After profits of $32 million in 2006 and $6.6 million in 2007, Mannatech reported a $12.6 million loss last year.
And quarterly losses have gradually deepened this year: $4.8 million in the first quarter, $5.5 million in the second and $9.2 million in the third quarter.
Mannatech shares closed Thursday at $2.61, down 19 cents. The day Badovinus started, the stock traded at $6.14. …
Going forward, one new challenge the company faces is tighter standards on dietary supplements, Sinnott said.
“The [European Union] is changing regulations of supplement products, and the U.S. is expected to follow suit,” Sinnott said. “But we’ve spent the last seven years bolstering our products, and we’re very confident.”
Also, see our Mannatech Overview
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