Vitacost.com, Inc. Announces Executive Management Change
16 8월 2010 - 9:00PM
Business Wire
Vitacost.com, Inc. (NASDAQ: VITC), a leading online retailer and
direct marketer of health and wellness products, announced that the
Company and Ira P. Kerker have mutually agreed to the separation of
his employment as Vitacost’s Chief Executive Officer, effective
immediately. Mr. Kerker also resigned as a director of Vitacost,
effective immediately. The Board of Directors has named Jeffrey J.
Horowitz as the Company’s interim Chief Executive Officer.
As previously announced, Mr. Horowitz was appointed to
Vitacost’s Board on August 3, 2010 and agreed to provide consulting
services to the company. He has since been actively engaged in the
Company’s strategic review of operations. Mr. Horowitz founded
Vitamin Shoppe, Inc. in 1977 and oversaw the retail expansion from
one store in 1977 to over 200 stores in 11 states. In addition, Mr.
Horowitz greatly expanded Vitamin Shoppe’s online presence
beginning in 1998 with the launch of VitaminShoppe.com.
Additionally, Vitacost’s Board of Directors has engaged
internationally recognized executive recruitment firm Spencer
Stuart to conduct a search for a permanent Chief Executive Officer.
Spencer Stuart has also been engaged to work with the
Nominating/Corporate Governance Committee and the newly created
Executive Search Committee of the Board to identify and interview
independent director candidates to further increase the diversity
and independence of the Board. Vitacost.com currently contemplates
adding up to four new independent directors and expanding the size
of the Board from seven to nine directors. As previously announced
on July 23, 2010, the Board of Directors voted to delay the 2010
Annual Meeting of Stockholders. Upon completion of the independent
director search and nominating process, the Company will announce a
new date for the meeting.
Separately, the Board of Directors has terminated its previously
announced engagement with Oppenheimer & Co. Inc. to identify
and evaluate strategic and financial alternatives to enhance
stockholder value.
About Vitacost.com, Inc.
Vitacost.com, Inc. (NASDAQ: VITC) is a leading online retailer
and direct marketer of health and wellness products, including
dietary supplements such as vitamins, minerals, herbs or other
botanicals, amino acids and metabolites, as well as cosmetics,
organic body and personal care products, sports nutrition and
health foods. Vitacost.com, Inc. sells these products directly to
consumers through its website, www.vitacost.com, as well as through
its catalogs. Vitacost.com, Inc. strives to offer its customers the
broadest product selection of healthy living products, while
providing superior customer service and timely and accurate
delivery.
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