Herbalife Ltd. (NYSE:HLF) appointed former Los Angeles Mayor Antoni0 Villaraigosa as senior adviser to Michael Johnson, chairman and chief executive officer as well as to its board of directors.
Villaraigosa to provide outreach for Herbalife
Villaraigosa will provide guidance on strategic business development and global community outreach to the leadership of the nutrition company.
According to Johnson, the former Los Angeles Mayor is fully aware and he understands the products, business model and the value that Herbalife Ltd. (NYSE:HLF) brings to communities.
In addition, Johnson emphasized that Villaraigosa has a unique understanding of the opportunities offered by Herbalife Ltd. (NYSE:HLF) to people globally given his years of experience in leading Los Angeles, a major city in the United States. “His knowledge and perspective will be a valuable addition to our team,” said Johnson.
Herblife’s commitment to Los Angeles
On the other hand, Villaraigosa said the nutrition company showed its commitment to Los Angeles during his tenure as mayor by establishing its corporate offices in the city and through its association with the LA Galaxy and the Herbalife LA Triathlon.
Villaraigosa said, “Herbalife has been a solid member of the Los Angeles business community and a strong presence within the Latino community since the company was founded here in 1980.”
The former Los Angeles mayor also expressed his long admiration to the commitment of Herbalife Ltd. (NYSE:HLF) in giving back to the community by supporting local organizations such as the Union Rescue Mission, the LA Chapter of the Red Cross and the Los Angeles City Fellows Program. “I’m excited to have the opportunity to work with the Herbalife leadership team to help the company continue to grow and contribute,” said Villaraigosa.
Career background
Villaraigosa is a Democrat. He served as Mayor of Los Angeles, California from 2005 to 2013. He was the 41st mayor of the city. He also became a member of the California State Assembly, and Speaker of the California State Assembly. He served as the national co-chairman of the presidential campaign of former Secretary of State Hillary Clinton. He was the chairman of the 2012 Democratic National Convention and a member of President Barack Obama’s Transition Economic Advisory Board.
Last month, Bill Ackman of Pershing Square Capital Management noted material progress on Herbalife Ltd. (NYSE:HLF) in his letter for the second quarter. Ackman has a huge short position on the shares of the company because he believed that it is a pyramid scheme. According to him, Herbalife modified some of its business method and added two rules such as the prohibition of lead generation and discouraging the use of loans or borrowing money to pursue the Herbalife business opportunity. The hedge fund manager opined that the rules were established to show that Herbalife is addressing some of the abusive business practices surrounding its business.
