PITTSBURGH, July 28, 2016 /PRNewswire/ -- GNC Holdings,
Inc. (NYSE: GNC) (the "Company"), a leading global specialty
retailer of health, wellness and performance products, today
announced that its board of directors ("GNC Board") has
appointed Robert F. Moran, an
Independent Director of GNC and former Chairman and Chief Executive
Officer of PetSmart, Inc. ("PetSmart"), as interim Chief Executive
Officer, effective immediately. Mr. Moran replaces
Michael G. Archbold, Chief Executive
Officer, who is leaving the Company and has resigned from the GNC
Board. Mr. Moran will remain on the GNC Board. The
Company also announced that its previously announced strategic
review process remains ongoing.
"As we continue the strategic review process and move with
urgency to improve performance, the Board believes it is the right
time to undertake this change to drive effective execution of our
plans," said Michael F. Hines, GNC's
Chairman. "During Bob's four decades as a successful retail
executive he demonstrated a proven ability to lead organizations in
highly competitive environments and deliver profitable growth and
shareholder value. His insights and perspective have been
valuable during his tenure as an Independent Director, and we are
grateful for his willingness to step into the interim CEO role at
this time."
Mr. Hines continued, "I want to thank Mike for his contributions
to GNC as CEO, including recruiting strong new talent to the
management team and initiating a significant refranchising plan in
the face of a challenging environment. We wish him well in the
future."
Mr. Moran said, "Over the past few years, I have become familiar
with the business and its potential, and I have the utmost
confidence in GNC's prospects. I look forward to working closely
with the Board and the talented team across GNC to serve our
customers, deliver improved financial performance, and continue our
strategic review as we work to change the trajectory of the
business and enhance shareholder value."
Mr. Moran, 65, has over 40 years of executive leadership
experience both domestically and internationally. He joined
the GNC Board in July 2013. Mr. Moran most recently served as
Chairman and Chief Executive Officer of PetSmart, a leading
specialty provider of pet products, services and solutions until
June 2013. Prior to being appointed
Chairman in January 2012, Mr. Moran
served as PetSmart's Chief Executive Officer since June 2009 and its President and Chief Operating
Officer from December 2001 to
June 2009. Before joining PetSmart in
1999, Mr. Moran was President of Toys "R" Us Canada following
various executive positions across finance and merchandising with
Sears, Roebuck & Company, including as President and CEO of
Sears de Mexico. Previously, he was Chief Financial Officer of
Galerias Preciados, a leading Spanish retailer. Mr. Moran
served on the boards of directors of Collective Brands, Inc. from
March 2005 to October 2012 and of PetSmart from September 2009 to June
2013. He currently serves on the boards of directors of
Hanesbrands, Inc. and the USA
Track & Field Foundation.
About Us
GNC Holdings, Inc. (NYSE: GNC) - Headquartered in
Pittsburgh, PA - is a leading
global specialty health, wellness and performance retailer.
The Company's foundation is built on 80 years of superior
product quality and innovation. GNC connects customers to their
best by offering a premium assortment of health, wellness and
performance products, including protein, performance supplements,
weight management supplements, vitamins, herbs and greens, wellness
supplements, health and beauty, food and drink and other general
merchandise. This assortment features proprietary GNC - including
Mega Men®, Ultra Mega®, Total LeanTM, Pro Performance®, Pro
Performance® AMP, Beyond Raw®, GNC Puredge®, GNC GenetixHD®, Herbal
Plus® - and nationally recognized third-party brands.
GNC's diversified, multi-channel business model generates
revenue from product sales through company-owned retail stores,
domestic and international franchise activities, third-party
contract manufacturing, e-commerce and corporate partnerships. As
of June 30, 2016, GNC had more than
9,000 locations, of which more than 6,700 retail locations are in
the United States (including 2,343
Rite Aid franchise store-within-a-store locations) and franchise
operations in approximately 50 countries.
Forward-Looking Statements Involving Known and Unknown Risks
and Uncertainties
This release contains certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
with respect to the Company's financial condition, results of
operations and business that is not historical information.
Forward-looking statements can be identified by the use of
terminology such as "subject to," "believes," "anticipates,"
"plans," "expects," "intends," "estimates," "projects," "may,"
"will," "should," "can," the negatives thereof, variations thereon
and similar expressions, or by discussions regarding our dividend,
share repurchase plan, strategy and outlook. While GNC believes
there is a reasonable basis for its expectations and beliefs, they
are inherently uncertain. The Company may not realize its
expectations and its beliefs may not prove correct. Many factors
could affect future performance and cause actual results to differ
materially from those matters expressed in or implied by
forward-looking statements, including but not limited to
unfavorable publicity or consumer perception of our products; costs
of compliance and any failure on our part to comply with new and
existing governmental regulations governing our products;
limitations of or disruptions in our manufacturing system or losses
of manufacturing certifications; disruptions in our distribution
network; or failure to successfully execute our growth strategy,
including any inability to expand our franchise operations or
attract new franchisees, any inability to expand our company-owned
retail operations, any inability to grow our international
footprint, any inability to expand our e-commerce businesses, or
any inability to successfully integrate businesses that we
acquire. The Company undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise. Actual results
could differ materially from those described or implied by such
forward-looking statements. For a listing of factors that may
materially affect such forward-looking statements, please refer to
the Company's Annual Report on Form
10-K for the year ended
December 31, 2015.
Contacts
Investors:
Amy Greene, Vice President Investor
& Government Relations, (412) 288-4744
Media:
Sard Verbinnen & Co.
Bryan Locke/Ellen Davis/Kelsey
Markovich, 212-687-8080
blocke@sardverb.com
edavis@sardverb.com
kmarkovich@sardverb.com
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SOURCE GNC Holdings, Inc.