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Vitacost stockholder shakes up board

This article was originally published in The Tan Sheet

Executive Summary

Great Hill Equity Partners, the largest holder of stock in, will replace four company directors following a vote by Vitacost investors. An independent inspector of election confirmed the results July 21. Ira Kerker, CEO of Boca Raton, Fla.-based Vitacost, said, "The company's stockholders have spoken and we respect their decision." Great Hill offered its director nominees after communicating disppointment with the supplement retailer's flat sales growth and troubled manufacturing (1"The Tan Sheet" May 31, 2010, In Brief)

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Vitacost faces dissident shareholder

Boca Raton, Fla.-based hires a financial advisor to help it identify "potential business combination partners and purchaser candidates." The May 20 announcement came five days before Vitacost's largest shareholder, Great Hill Equity Parnters, proposed four nominees to replace current board members. The shareholder explained the online dietary supplement retailer has experienced "significant erosion in stockholder value" since its 2009 initial public offering, according to a release. Great Hill attributes Vitacost's flat sales growth, high turnover and troubled manufacturing and logistics to "a board comprised of directors with little, if any, public company or Internet, eCommerce or direct marketing experience.

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