Pulling back the curtain…

June 10, 2004

Normally, when a publicly traded company goes private, as Herbalife did two years ago when it was sold to WH Holdings Ltd, a Cayman Islands-based holding company, the ability to peak behind the curtain ends pretty quickly. But WH is now looking to recapitalize, so it filed some numbers on Herbalife with the SEC recently, which showed that the company, which makes nutritional supplements, rang up nearly $1.2 billion in sales last year, about 6% higher than last year. The filing also revealed that Carol Hannah, Herbalife’s former co-president, will get a lucrative consulting contract from the company. Under the contract, Hannah, who officially steps down at the end of this month, will collect nearly $60,000 a month for the next two years, in exchange for providing 20 hours of consulting services each month. That’s about the same as the $712,500 Hannah made last year, when she was presumably working full time.

Posted in: Disclosures, Operations

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