Herbalife Promotes Chief Strategy Officer Stephan Gratziani to President

Herbalife Ltd. has named Stephan Paulo Gratziani president, effective January 2, 2024, as part of what the company described as a broader management succession plan.

According to a Form 8-K filed January 2, the board approved the appointment on December 15, 2023. Gratziani, 55, had served as chief strategy officer since August 2023 and will give up that role. He was a member of Herbalife's board from April to August 2023 and before that spent more than 32 years as an independent Herbalife distributor, reaching the Chairman's Club and Founder's Circle.

Gratziani will receive an annual salary of 650,000 dollars with a target cash incentive of 85 percent of salary. The filing said that in 2023, before becoming chief strategy officer, he earned about 4.2 million dollars as a distributor under the marketing plan and about 27,041 dollars as a director.

Chairman and Chief Executive Michael Johnson said Gratziani had shown extensive knowledge of the business and strategic strength, and that his experience as a former leading distributor positioned him to lead global sales initiatives and the company's next chapter of growth.

In a separate filing on January 9, Herbalife said it had signed a new employment agreement with Johnson to continue as chief executive through December 31, 2024, with part of his equity award vesting on the earlier of January 3, 2026 or the appointment of a new permanent chief executive.