Herbalife International
March 20, 2024
LOS ANGELES, March 20, 2024 --
Herbalife appointed John DeSimone chief financial officer, succeeding Alex Amezquita, who remained with the company. DeSimone previously served as Herbalife's CFO from 2010 to 2018 and later as president and co-president before becoming a special advisor to the CEO.
Chairman and Chief Executive Michael Johnson said DeSimone would focus on expanding margins, reducing debt and improving financial performance alongside President Stephan Gratziani's work on top-line growth. DeSimone said a goal was to reduce the company's gross leverage ratio to 3.0 times by the end of 2025.
Herbalife also initiated first-quarter and full-year 2024 guidance and disclosed a new organizational redesign, separate from its Transformation Program, expected to deliver about 40 million dollars of savings in 2024 guidance and at least 80 million dollars of run-rate savings beginning in 2025. The company expects at least 60 million dollars of related pre-tax expenses in 2024, primarily severance.