LifeVantage
September 8, 2020
Darren Jensen resigned as president and chief executive of LifeVantage Corporation, and as a member of its board, effective September 3, 2020. The same day the board named chief financial officer Steven Fife interim president and chief executive. The company told investors in a current report filed with the SEC on September 8.
LifeVantage, a Delaware corporation traded on Nasdaq as LFVN, lists its principal office at 9785 S. Monroe Street, Suite 400, Sandy, Utah. The board said it plans to hire a leading executive search firm to find a permanent successor. The company is also combining its sales and marketing teams under Justin Rose, chief sales officer.
Chairman Garry Mauro credited Jensen with growth in existing and new markets and with speeding international plans, and said Fife had helped build the strategic plan, product line, and digital tools. Fife said he is confident in continued profitable growth and will work with the board, distributors, and employees. Jensen said he believes it is the right time to leave and that he will help with the transition. He praised the team and the financial position and product line.
The filing also describes a separation agreement dated September 4, 2020. Jensen released claims and agreed to consult as needed through January 1, 2022. LifeVantage agreed to pay cash severance of 275,000 dollars, equal to half of his annual base salary on the resignation date, in roughly equal monthly installments over the following 12 months. An aggregate 74,303 shares underlying two earlier equity awards will keep vesting during the consulting term if he continues to provide requested services. The agreement includes stock-selling limits, confidentiality, non-competition, and non-solicitation terms, plus mutual non-disparagement. Severance depends on him not revoking the agreement and staying in compliance.
On September 8, 2020, the company terminated chief marketing officer Ryan Goodwin. Fife signed the report as chief financial officer and interim president and chief executive. A company press release issued that day announced the management changes.