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Herbalife sales increase, president resigns

This article was originally published in The Tan Sheet

Executive Summary

Herbalife's first-quarter net sales increased 19 percent to $604.4 million, the firm announced May 1. The Los Angeles-based firm says the "record performance" was attributable to double-digit growth in several of is top markets, including the U.S. (14.3 percent), Taiwan (14.8 percent), Italy (29.7 percent), China (111.5 percent), Japan (10.4 percent) and Spain (30.2 percent). In April, Spain health authorities cautioned against Herbalife products citing hepatic toxicity (1"The Tan Sheet" April 28, 2008, In Brief). In addition, President and Chief Operating Officer Gregory L. Probert resigned April 30. Herbalife says the board of directors had no choice but to accept the resignation after reviewing misstatements of Probert's academic credentials. Other Herbalife personnel assumed Probert's responsibilities and Des Walsh, senior VP of worldwide sales, was promoted to executive VP...

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