Herbalife announced the appointment of Michael Montelongo, a former Assistant Secretary of Air Force to its board of directors. Montelongo started serving the company as the independent director on April 23, 2015.
Herbalife disclosed in its regulatory filing that Montenegro will participate in the company’s non-management director compensation program. He will receive a retainer of $85,000 per year under the terms of the program.
Montelongo will also receive an annual equity award worth $120,000 in the form of restricted stock units with a grant date fair value (as determined for financial reporting purposes), $1,500 for each Board meeting attended in person, and $1,000 for each Board meeting attended telephonically.
A valuable addition to Herbalife board
According to Herbalife, the members of its board increased to 13 including ten independent directors.
The company emphasized that Montelongo has an exemplary career from both public and private sectors. Herbalife is confident that his leadership skills and experience in strategy and policy making across multinational enterprises will be a valuable addition to its board.
Herbalife Chairman and CEO Michael Johnson said, Montelongo’s “global experience and strategic insight, combined with his financial expertise, will bring an immediate impact” the company and its board. Johnson added, “We are fortunate to have his guidance as we continue to manage the business for profitable long-term growth.”
On the other hand, Montelongo said, “After carefully reviewing Herbalife and its business, and engaging with its leadership and people, I am excited about the opportunities that lie ahead for a company that reflects my values and is focused on improving the lives of people and families around the world.”
“I believe Herbalife’s purpose-driven and selfless focus is refreshing, longed-for, and essential in today’s crowded marketplace. I am eager to get started and contribute to Herbalife’s future success,” added Montelongo.
Montelongo previously served as the chief administrative officer and senior vice president of public policy and corporate affairs at Sodexo.
In addition, he also serves on the Boards of several for-profit, public sector, and non-profit organizations.
Montelongo also serves as volunteer for organizations focused on providing opportunities for young people, supporting community health and wellness, assisting veterans, and promoting national service. He is a lifetime member of the Council on Foreign Relations.
Montelongo was the first Latino appointed as Assistant Secretary of the Air Force for Financial Management and Comptroller. He holds a Bachelor’s Degree in Science from West Point and Master’s Degree in Business Administration from Harvard Business School.