[June 06, 2008] Nutritional supplement maker Mannatech names new CEO Tweet (Dallas Morning News, The (KRT) Via Acquire Media NewsEdge) Jun. 6--Mannatech Inc., the Coppell nutritional supplement manufacturer being sued by the Texas attorney general for allegedly exaggerating the benefits of its products, said Thursday it has hired a new chief executive. Wayne L. Badovinus, 64, who was CEO of Eddie Bauer Holdings Inc. in the late 1980s and early 1990s, will join Mannatech June 16. Mr. Badovinus has 43 years of experience with retail and catalog companies, including as a vice president at Nordstrom. Most recently, he was senior operating partner for JH Partners, a San Francisco private equity firm. Current Mannatech CEO and president Terry Persinger, 63, will move aside but will remain at the company as a special projects employee for three years, reporting directly to the board of directors, according to a company statement. Since Mr. Persinger had planned to retire in June, the directors had been looking for his replacement, said board member J. Stanley Fredrick. Mr. Badovinus will inherit a tale of two companies: one financially strong, leading its peers and poised for growth; the other dogged by controversy and a magnet for shareholder lawsuits. In August, Attorney General Greg Abbott filed a lawsuit alleging that Mannatech exaggerated the therapeutic benefits of its supplements for people with cancer, Down syndrome, cystic fibrosis and other serious conditions. Mr. Badovinus said he was attracted to the Mannatech job because his son and grandson live in Dallas and because he believes the company is poised for growth. Shares of Mannatech closed at $6.16 Thursday, up 6 cents. The 52-week range for the stock is $4.75 to $16.19. WAYNE L. BADOVINUS Title: CEO, Mannatech Inc. Birthdate: Aug. 29, 1943 Birthplace: Boise, Idaho Education: University of Washington, bachelor's degree, business administration Previous job: Senior operating partner, JH Partners, a San Francisco private equity firm specializing in consumer and marketing-driven companies SOURCE: Mannatech To see more of The Dallas Morning News, or to subscribe to the newspaper, go to http://www.dallasnews.com. Copyright (c) 2008, The Dallas Morning News Distributed by McClatchy-Tribune Information Services. For reprints, email [email protected], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. [ Back To TMCnet.com's Homepage ]