NU SKIN ENTERPRISES, INC. (NYSE:NUS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02
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Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
effected the previously disclosed transition of its Chief
Executive Officer and Chief Financial Officer positions. Mark H.
Lawrence was appointed as the Company’s Chief Financial Officer,
effective March 27, 2017. Mr. Lawrence will replace Ritch N.
Wood, who became the Chief Executive Officer of the Company as of
March 7, 2017. Also as of March 7, 2017, M. Truman Hunt, who had
served as the Company’s Chief Executive Officer and President
since 2003, became the Vice Chairman of the Company’s Board of
Directors, and Ryan S. Napierski became the Company’s President.
finance for the Innovation Center at Vivint Smart Home, a
privately owned home automation company. From October 2013 to May
2016, Mr. Lawrence was head of finance at Amazon Lab126, a
consumer electronics research and development company that is a
subsidiary of Amazon.com. He served from March 2013 to September
2013 as senior vice president of worldwide finance at Polycom, a
voice and video communications company, and from 2002 to March
2013 he served in various financial positions at Brocade
Communications Systems, a networking hardware, software and
services company. Mr. Lawrence holds a bachelor’s degree from
Brigham Young University and a Master of Business Administration
degree from the University of California, Davis.
approved the following compensation arrangements in connection
with these appointments:
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Mr. Wood’s base salary will be $900,000, and his target
bonus will be 100% of base salary, contingent on the achievement of revenue and profitability goals. He was granted 25,200 restricted stock units, which will vest in four annual installments beginning on March 4, 2018. He was granted 126,750 performance-based stock options, which will vest, if at all, in three annual installments based on the achievement of performance goals. |
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Mr. Napierski’s base salary will be $600,000, and his
target bonus will be 90% of base salary, contingent on the achievement of revenue and profitability goals. He was granted 10,400 restricted stock units, which will vest in four annual installments beginning on March 4, 2018. He was granted 70,050 performance-based stock options, which will vest, if at all, in three annual installments based on the achievement of performance goals. |
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Mr. Lawrence’s base salary will be $425,000, and his
target bonus will be 75% of base salary, contingent on the achievement of revenue and profitability goals. He will receive a signing bonus of $85,000, together with a tax gross-up on such amount. He will be granted 10,200 restricted stock units, 2,000 of which will vest one year after his date of hire and 8,200 of which will vest in four annual installments beginning on March 2, 2018. He will be granted 31,350 performance-based stock options, which will vest, if at all, in three annual installments based on the achievement of performance goals. |
relationships with any of the Company’s other executive officers
or directors. Other than as set forth herein, there are no
arrangements or understandings between Messrs. Wood, Napierski or
Lawrence and any other person to which they were selected for
their positions.
About NU SKIN ENTERPRISES, INC. (NYSE:NUS)
Nu Skin Enterprises, Inc. is a direct selling company that develops and distributes personal care products and nutritional supplements, and a range of other products and services. The Company offers anti-aging personal care products and nutritional supplements under its Nu Skin and Pharmanex brands. The Nu Skin brand offers a range of products, including ageLOC Spa systems, ageLOC Transformation anti-aging skin care system and ageLOC Tru Face Essence Ultra anti-aging skin care serum. The Pharmanex product line includes ageLOC TR90 weight management and body shaping system, and LifePak and ageLOC R2 nutritional supplements. The Company has operations in various geographic regions, including Greater China, North Asia, Americas, South Asia/Pacific, and Europe, the Middle East and Africa (EMEA). It is focused on offering ageLOC Youth nutritional supplement and ageLOC Me personalized skin care system. The Company also offers household products and technology services. NU SKIN ENTERPRISES, INC. (NYSE:NUS) Recent Trading Information
NU SKIN ENTERPRISES, INC. (NYSE:NUS) closed its last trading session up +0.09 at 50.31 with 824,393 shares trading hands.