LOS ANGELES - Herbalife Ltd. (NYSE: NYSE:HLF) announced Wednesday the appointment of John DeSimone as Chief Financial Officer, a role he previously held from 2010 to 2018 before serving as President and Co-President until 2022. DeSimone, who has been with Herbalife for 17 years, returns as CFO after serving as a Special Advisor to the CEO.
The company's management shows optimism about stabilizing business trends, prompting the initiation of financial guidance for the first quarter and full year of 2024. Herbalife anticipates net sales growth of 1% to 3% year-over-year for the first quarter and 0% to 5% for the full year. Adjusted EBITDA is expected to be between $115 million and $130 million for Q1 and $540 million to $580 million for the full year.
Herbalife is also undertaking an organizational redesign project, reviewed since January 2024, aiming to achieve approximately $40 million in savings. The project is expected to deliver at least $80 million in run rate savings starting in 2025, with anticipated pre-tax expenses of at least $60 million in 2024 related to restructuring, which will be excluded from adjusted results.
DeSimone expressed his commitment to improving Herbalife's financial and operating performance, with a focus on reducing the company's gross leverage ratio to 3.0x by the end of 2025 and delivering long-term value to shareholders.
Herbalife, established in 1980, is a global health and wellness company that operates in more than 90 markets, providing nutrition products and a business opportunity for its independent distributors.
This news report is based on a press release statement and does not include forward-looking statements or projections beyond what is stated by the company.
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