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Mannatech appoints new CEO

This article was originally published in The Tan Sheet

Executive Summary

Wayne Badovinus is appointed president and CEO of the multilevel dietary supplements marketer. Badovinus' 43-year career in consumer brands includes senior management positions with Eddie Bauer, Williams-Sonoma and Nordstrom, Coppell, Texas-based Mannatech says June 6. He will take over executive duties from Terry Persinger, who will continue on the Mannatech board, the firm says. Mannatech co-founder and chairman Sam Caster resigned as CEO in August 2007 as the firm faced class-action claims that it had caused its stock to trade at inflated levels by failing to adequately monitor how its associates advertised its products (1"The Tan Sheet" Aug. 27, 2007, In Brief). The firm has agreed to pay $11.25 million to settle the allegations (2"The Tan Sheet" March 24, 2008, In Brief)...

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Mannatech Inc. promotes three veteran execs to lead the multilevel marketer of nutritional and personal-care products following CEO Wayne L. Badovinus' resignation. Badovinus joined Mannatech in May 2008 but has left for "personal reasons," Coppell, Texas-based company said Dec. 3 (1"The Tan Sheet" June 9, 2008, In Brief). The three execs who will occupy the newly created "Senior Executive Office" are Chief Financial Officer Steve Fenstermacher and Chief Science Officer Rob Sinnott as co-CEOs, and Senior VP Randy Bancino as president of global business operations and expansion. Mannatech Chairman J. Stanley Frederic said Badovinus' work "lays a good foundation for this newly created management structure that will allow us to focus on the success of our loyal associates who are the future of the company.

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