Vitamin Shoppe CEO's Consumer Engagement Fails To Engage Growth, Board Disengages Him From Helm
This article was originally published in The Rose Sheet
CEO Colin Watts launched a slew of consumer engagement changes since he took Vitamin Shoppe's helm in 2015 but the firm's board is disappointed with the results and Watts is heading to the door. Another exit from Vitamin Shoppe could be its Nutri-Force Nutrition contract manufacturing business, has vexed the nutrition, health and wellness manufacturer and retailer since acquiring it.
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Liberty Tax, which owns tax-return preparation business Liberty Tax Services and branched into capital investing in July, agrees to pay $6.50 per Vitamin Shoppe share, a 43% premium on its closing price a day earlier. Vitamin Shoppe's earnings struggles continued in Q2 as total sales fell 7.6% to $270.9m and it reported a $3.6m net loss after generating $5.3m net income a year ago.
GNC is launching numerous products including an energy drink for millennials and a patented ingredient to improve upper and lower body strength. It also is giving its stores a face lift to implement a "service-driven” concept.
Perrigo appoints Ray Silcock, whose experience includes working with the firm's CEO, Murray Kessler, in the tobacco industry, as CFO. Vitamin Shoppe's Bill Wafford will leave May 5.