Herbalife Names Pair Acting CEO Following Founder Hughes' Death
This article was originally published in The Rose Sheet
Executive Summary
Herbalife has promoted Christopher Pair, exec VP and chief operating officer and secretary, to acting president and CEO following the sudden death of company founder Mark Hughes.
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Herbalife sale
Nutritional direct-seller is acquired by private equity firms Whitney & Co. and Golden Gate Capital in transaction valued at $685 mil., Herbalife announces April 10. Privatization was a goal of company founder Mark Hughes prior to his death in May 2000, but one he was unable to complete due to lack of financing ("1The Rose Sheet" May 29, 2000, p. 7). Buyout follows two tumultuous years for the firm, which has been led by multiple directors. Whitney and Golden Gate will pay Herbalife class "A" and class "B" shareholders $19.50 per share, which represents premium of 26.7% for class "A" shares and 35.4% for class "B" shares. Transaction is expected to close in late second quarter or early third quarter, Herbalife adds...
Herbalife sale
Nutritional direct-seller is acquired by private equity firms Whitney & Co. and Golden Gate Capital in transaction valued at $685 mil., Herbalife announces April 10. Privatization was a goal of company founder Mark Hughes prior to his death in May 2000, but one he was unable to complete due to lack of financing ("1The Rose Sheet" May 29, 2000, p. 7). Buyout follows two tumultuous years for the firm, which has been led by multiple directors. Whitney and Golden Gate will pay Herbalife class "A" and class "B" shareholders $19.50 per share, which represents premium of 26.7% for class "A" shares and 35.4% for class "B" shares. Transaction is expected to close in late second quarter or early third quarter, Herbalife adds...
Herbalife
Christopher Pair appointed president and CEO of the natural products company, the firm announces June 6. Pair was named acting president and CEO following the death of founder Mark Hughes (1"The Rose Sheet" May 29, p. 7). Previously, Pair was Herbalife exec VP, chief operating officer and secretary