New Mannatech CEO faces shareholders right away

by louabbott on June 18, 2008

Dallas News – Published June 18, 2008

The first week on a new job is supposed to be consumed with paperwork, introductions and figuring out the lay of the office.

Not so for Wayne Badovinus. On the job for two days, Mr. Badovinus, chief executive of Coppell-based Mannatech Inc., faced shareholders at the annual meeting Wednesday to defend the nutritional supplement retailer.

Mr. Badovinus’ quick start underscores the company’s breakneck changes; in the last three years, there have been seven additions to senior management.

“I want to be a part of that future and not a part of the past,” Mr. Badovinus said at the end of his less-than-10-minute speech.

After two years of more than 25 percent growth, Mannatech’s sales grew 5 percent in 2006 and less than 1 percent last year. More telling, annual net income fell 79 percent last year to $6.6 million. That’s after four straight years of double-digit net income growth.

Read the entire article at the Dallas News

Also, read our company overview:  Mannatech Facts, News and Review

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