Coppell-based Mannatech’s founder Sam Caster resigns as CEO

by PegNews wire

Mannatech, Inc. announced today that Samuel L. Caster has resigned as Chief Executive Officer of the company, effective immediately. Mr. Caster will now serve as non-executive Chairman of the Board. According to the company, his changing role at Mannatech will allow him to step back from operating responsibilities to focus his efforts on working with field sales leaders to transition to Mannatech’s new global wellness sales program.

Mannatech’s Board of Directors has appointed President and Chief Operating Officer Terry L. Persinger as interim President & CEO, while conducting a formal search for a permanent replacement. Mr. Persinger intends to retire from Mannatech in June 2008, as previously planned. In tandem with these key management changes, Executive Vice President of Global Operations Terence L. O’Day has been promoted and will assume responsibilities as Executive Vice President & COO for Mannatech.

“The Board of Directors would like to acknowledge Sam’s leadership and his many contributions to the development and growth of Mannatech,” said J. Stanley Fredrick, Lead Director of the Board. “Moving ahead, we look forward to Sam’s role in helping drive the successful implementation of the company’s new global wellness sales program based on our new promotional strategy including the new 100% money back guarantee. We also look forward to Terry Persinger’s leadership and operational knowledge of the company to fill the gap left by Sam’s move as we focus on increasing sales, profit, and shareholder value.”

Mr. Caster commented, “When I founded Mannatech in 1993, my goal was to develop a global company that could bring a unique offering of wellness products to individuals seeking healthier lifestyles while also providing a business opportunity in the emerging wellness industry. Today, with over 569,000 independent Associates and Members in ten countries, I feel we have achieved significant milestones. Therefore, I asked the Board to consider hiring a new CEO. That way I could return to my passion for working with independent Associate leaders to transition to the new global wellness sales program and focus on future growth opportunities including skin care, new technologies, and additional global expansion. I want to thank the Board for making this move possible. I remain passionate about this company, our product offering and the business opportunity, of all which continue to change lives for the better around the world.”

Source: Mannatech