Herbalife announces IR shake-up
Herbalife, a mid-cap US nutrition company, has announced a reshuffle of its investor relations department as Alan Quan takes over as vice president of IR.
Quan joined the Los Angeles firm in 2007 and since then has held a variety of positions, most recently a five-year tenure as vice president of business optimization and real estate. In this role he led the implementation of a number of Herbalife’s ‘program of enhancements’, referred to elsewhere as the Build it Better initiative.
‘Alan brings to the role a broad knowledge of our business and has been key in leading the successful execution of our Build it Better initiative,’ writes John DeSimone, Herbalife’s CFO, in a press release announcing the changes. ‘I am confident he will quickly become an extremely valuable partner to our investor community.’
Prior to joining Herbalife, Quan worked as part of American Express’s business transformation team and served on the buy side with Western Asset Management and Mellon Bank. He holds an MBA from Cornell University.
The company’s outgoing head of IR, Amy Greene, has taken on the newly created role of senior vice president of global engagement. In this new position, she works closely with community groups, NGOs and trade bodies in order to educate them about Herbalife and the part the firm plays in the wider community.
‘Amy has done an incredible job in creating a responsive and shareholder-focused investor relations function,’ adds DeSimone. ‘I thank her for all her efforts and know she will work closely with Alan to ensure a seamless transition.’
Herbalife made headlines earlier this year after the health food company was accused of running an alleged pyramid scheme, which resulted in the firm agreeing to pay a $15 mn settlement to a former distributor.
Though final court approval is still to come, a lawsuit filed in April 2013 claims hundreds of thousands of other distributors have found it impossible to make a significant profit by selling the company’s products. The health food manufacturer has since agreed to change a number of corporate policies in response to the lawsuit. Herbalife’s representatives claim the agreed settlement did not contain any admission of liability or wrongdoing, however.