LifeVantage Corporation Announces Executive Leadership Change
February 02 2015 - 6:05PM
- Independent Director Dave S. Manovich to serve
as Executive Vice Chairman -
- Board forms search committee for new CEO -
LifeVantage Corporation ("LifeVantage" or the "Company")
(Nasdaq:LFVN) announced today the appointment of Dave S. Manovich,
an independent director of the Company, as Executive Vice Chairman,
effective immediately. The Board and Douglas C. Robinson mutually
agreed that Mr. Robinson will step down from his role as President,
Chief Executive Officer and Board Member, effective immediately.
The Board has formed a search committee to identify a qualified
candidate to serve as the Company's next CEO.
Furthermore, the Board has created an interim Office of the
President consisting of LifeVantage's Senior Operational Officers
to provide seamless leadership continuity and continued execution
across the Company's strategic initiatives and oversee day to day
operations. Dave Manovich will oversee the Office of the President
and manage the strategic and tactical direction of the Company's
operations until a new CEO has been appointed.
The Interim Office of the President will be made up of Shawn
Talbott (Chief Science Officer), David Phelps (Chief Sales
Officer), David Colbert (Chief Financial Officer) and Bob Urban
(Chief Operating Officer). Additionally the other members of the
senior executive team, Rob Cutler (General Counsel and Corporate
Secretary) and Michelle Oborn (Vice President of Human Resources),
will also report directly to Dave Manovich.
"On behalf of the entire company, I would like to thank Doug
Robinson for his leadership and contributions to LifeVantage over
the last five years," said Gary Mauro, Chairman of the Board. "We
appreciate his hard work and dedication to growing our company's
footprint, ensuring our transition from retail to network
marketing, positioning our distributors for the next phase of
growth and strengthening our product line. We wish him the best in
his future endeavors.
"We are very pleased Dave Manovich has accepted the position of
Executive Vice Chairman and we believe this change will lead to
greater success for our distributors and improved long-term growth
for our shareholders. We have a very strong management team and
distributor base and are confident that the leadership transition
will be seamless," concluded Mr. Mauro.
"After having discussions with the Board, I have concluded that
it is in the best interests of the Company to step down from my
position as President, CEO and Board Member," said Mr. Robinson. "I
am incredibly proud of what we have achieved during my tenure, and
while I will miss everyone at LifeVantage, I'm confident the
Company's exceptional team of talented employees, distributors and
leadership will ensure its best days are ahead."
Mr. Manovich has been an investor in LifeVantage for over a
decade, an independent member of LifeVantage's Board of Directors
since January 2012 and has extensive experience in executive sales
and marketing operations and distribution management and
development. He currently serves as Managing Partner of D&S
Investments, a private investment entity and has held several
executive level positions throughout his career with leading
technology companies including COO of @Road Inc., Executive Vice
President for worldwide sales at Apple Computer and Vice President
of Sales for Fujitsu P.C. Mr. Manovich received an MBA in Finance
and started his career as a CPA with Deloitte, Haskins and
Sells.
Conference Call Information
The Company will hold an investor conference call on February
4th to discuss 2nd quarter fiscal 2014 results at 2:30 p.m.
Mountain Time (4:30 p.m. Eastern Time). Investors interested in
participating in the live call can dial (888) 215-7015 from the
U.S. International callers can dial (913) 643-4201. A
telephone replay will be available approximately two hours after
the call concludes and will be available through Friday, February
6, 2015, by dialing (877) 870-5176 from the U.S. and entering
confirmation code 3120122, or (858) 384-5517 from international
locations, and entering confirmation code 3120122.
There also will be a simultaneous, live webcast available on the
Investor Relations section of the Company's web site at
http://investor.lifevantage.com/events.cfm. The webcast will be
archived for approximately 30 days.
About LifeVantage Corporation
LifeVantage Corporation (Nasdaq:LFVN), is a science based
network marketing company that is dedicated to visionary science
that looks to transform health, wellness and anti-aging internally
and externally at the cellular level. The company is the maker of
Protandim®, the Nrf2 Synergizer® patented dietary supplement, the
TrueScience™ Anti-Aging Skin Care Regimen, Canine Health, and the
AXIO™ energy product line. LifeVantage was founded in 2003 and is
headquartered in Salt Lake City, Utah.
Forward Looking Statements
This document contains forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Words and expressions reflecting optimism,
satisfaction or disappointment with current prospects, as well as
words such as "believe," "hopes," "intends," "estimates,"
"expects," "projects," "plans," "anticipates," "look forward to"
and variations thereof, identify forward-looking statements, but
their absence does not mean that a statement is not
forward-looking. Examples of forward-looking statements include,
but are not limited to, statements we make regarding our leadership
transition, future growth and distributor success. Such
forward-looking statements are not guarantees of performance and
the Company's actual results could differ materially from those
contained in such statements. These forward-looking statements are
based on the Company's current expectations and beliefs concerning
future events affecting the Company and involve known and unknown
risks and uncertainties that may cause the Company's actual results
or outcomes to be materially different from those anticipated and
discussed herein. These risks and uncertainties include, among
others, those discussed in greater detail in the Company's Annual
Report on Form 10-K and the Company's Quarterly Report on Form 10-Q
under the caption "Risk Factors," and in other documents filed by
the Company from time to time with the Securities and Exchange
Commission. The Company cautions investors not to place undue
reliance on the forward-looking statements contained in this
document. All forward-looking statements are based on information
currently available to the Company on the date hereof, and the
Company undertakes no obligation to revise or update these
forward-looking statements to reflect events or circumstances after
the date of this document, except as required by law.
CONTACT: Investor Relations Contacts:
Cindy England (801) 432-9036
Director of Investor Relations
-or-
John Mills (646) 277-1254
Partner, ICR INC
Company Relations Contact:
John Genna (801) 432-9172
Vice President of Communications &
Corporate Partnerships
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