Mannatech Inc. has announced that they have hired Wayne L. Badovinus as their new CEO. The Coppell based nutritional company has been searching for a new CEO for several months now after Terry Persinger announced that he would retire in June. Mannatech has gone through quite a rough patch lately after being sued by the Texas Attorney General for exaggerating the therapeutic benefits of its supplements for people with cancer, Down syndrome, cystic fibrosis and other serious conditions.
Wayne L. Badovinus is a former CEO of Eddie Bauer, led the clothing company throughout the 80’s and 90’s he has over 40 years of retail and catalog experience. Most recently, Badovinus served as CEO of Design Within Reach, a well known catalog based Furniture Company, and now he will take the helm at Mannatech effective June 16th 2008.
The current CEO and President of Mannatech, Terry Persinger, is stepping down from his leadership role, but will continue to work with the company on special projects for the next three years and will report to the company’s board of directors. Persinger announced months ago that he planned on retiring in June and the search has gone on for several months.
While Persinger did not give a specific reason for stepping down, the company has been plagued with problems for some time now. Along with the most recent suit, Mannatech also got in some legal trouble for what the lawsuit called, “a gross mis-management and wasting corporate assets, as well as neglecting to monitor the websites of their distributors.
Mr. Badovinus has quite a job ahead of him. While the company has shown financial strength the past couple years, they have also had many legal problems. Along with the two suits brought in the last year, the 15 year old company has also seen its fair share of complaints and lawsuits from shareholders. Hopefully given his penchant for design he can re-do the Mannatech website which we have been complaining about for months!
Mannatech currently has over 500,000 distributors worldwide and has a goal of opening operations in a new country each year. Hopefully Badovinus will be up to the job of helping the company grow and can put an end to practices that have gotten the company in trouble over the years.
Popularity: 1% [?]
