PITTSBURGH, Aug. 3, 2018 /PRNewswire/ -- GNC Holdings, Inc.
(NYSE: GNC) (the "Company") today announced that its Board of
Directors has unanimously approved the appointment of Chief
Executive Officer Ken Martindale to
the additional role of Chairman, effective immediately.
Martindale succeeds Bob Moran, who
will remain on the Board and assume the role of Lead Independent
Director.
"Ken has demonstrated exceptional leadership and strategic
insight in his role as CEO, and the Board looks forward to
continuing to benefit from his insight and expertise as he assumes
the role of Chairman," said Moran. "We are confident that
under Ken's continued leadership we will be even better positioned
to effectively implement our strategic plans and drive shareholder
value."
Martindale added, "I am honored to take on this new role as we
accelerate our efforts to reposition GNC to drive growth, improve
our financial strength and performance and enhance shareholder
value. We continue to expect the transaction with Harbin
Pharmaceutical Group to close later this year, and I look forward
to working with the rest of the Board as we execute our strategy to
build on the strength of the GNC brand, leverage our capabilities
in product and service innovation, expand our international
presence and deliver a compelling, integrated customer
experience."
About GNC
GNC Holdings, Inc. (NYSE: GNC) - Headquartered in
Pittsburgh, PA - is a leading
global specialty health, wellness and performance retailer.
GNC connects customers to their best selves by offering a
premium assortment of heath, 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 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, 2018, GNC had
approximately 8,800 locations, of which approximately 6,600 retail
locations are in the United States
(including approximately 2,400 Rite Aid franchise
store-within-a-store locations) and franchise operations in
approximately 50 countries.
Forward-Looking Statements
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 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 the Company's
products; costs of compliance and any failure on management's part
to comply with new and existing governmental regulations governing
our products; limitations of or disruptions in the manufacturing
system or losses of manufacturing certifications; disruptions in
the distribution network; or failure to successfully execute the
Company's growth strategy, including any inability to expand
franchise operations or attract new franchisees, any inability to
expand company-owned retail operations, any inability to grow the
international footprint, any inability to expand the e-commerce
businesses, or any inability to successfully integrate businesses
that are acquired. 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, 2017.
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SOURCE GNC Holdings, Inc.