PROVO, Utah, May 3, 2006 /PRNewswire-FirstCall via COMTEX/ -- Nu Skin Enterprises, Inc. (NUS) today reported key organizational changes made in connection with its previously announced business transformation initiative. The objectives of this initiative are to promote alignment between the company and its sales leaders, simplify and clarify the company's growth drivers in each of its geographic markets, and streamline the organization to invest in growth initiatives.
"Through our business transformation initiative, we are establishing a corporate structure that is more focused on leveraging our competitive advantages to better support our 800,000 independent distributors," said President and Chief Executive Officer Truman Hunt. "Our four regional officers will now report to one global head that is focused and accountable for distributor success, as well as driving top-line growth. In addition, we have consolidated our product development and supply chain teams into one streamlined organization to better capitalize on operational efficiencies and foster a more collaborative culture of innovation."
Dan Chard, former head of the company's European operations, has been appointed to the position of executive vice president, distributor success. This newly created position will lead all of the company's geographic management teams.
"Dan has proven to be an effective leader, generating impressive results in Europe as well as excelling at prior positions within the company. I am confident in his ability to lead our new organization that is entirely focused on maximizing the success of our sales force globally," said Hunt.
Chard joined Nu Skin Enterprises in 1998. Prior to his role in Europe, Chard served in senior marketing positions for both the Pharmanex and Big Planet divisions of the company. Before joining Nu Skin Enterprises, Chard held senior management positions in the consumer products industry at Pillsbury and the PUR division of Recovery Engineering.
In addition, Dr. Joe Chang, former president of the Pharmanex division, has been appointed to serve as the company's chief scientific officer and executive vice president, product development. In this new position, Chang will manage product development for both Pharmanex(R) nutritional supplements and Nu Skin(R) personal care products. He will also be responsible for the company's supply chain in these two product categories. Lori Bush, former president of the company's Nu Skin division, will be engaged as a consultant and has been appointed to serve as chairwoman of the Nu Skin Scientific Advisory Board.
"Joe is a respected scientist in the world of healthy living products and has led the development of some of the most innovative products and tools in our industry," said Hunt. "Joe has also driven significant growth in Pharmanex sales over the past few years. As we continue to focus on The Measurable Difference marketing theme, we are fortunate to have such a strong leader for both of our healthy living product categories."
Chang joined Nu Skin Enterprises when it acquired Pharmanex in 1998. Prior to joining Pharmanex, he was president and chief executive officer of Binary Therapeutics, a pharmaceutical company specializing in brain tumor therapy. Chang also held senior research management positions at Wyeth-Ayerst and Rhone Poulenc Rorer, two leading pharmaceutical companies. He was awarded a Ph.D. in Pharmacology from the University of London, England.
"I am confident this business transformation will create a more simplified structure, focused first and foremost on providing our distributors with the ammunition they need to find greater success," concluded Hunt.
Nu Skin Enterprises, Inc. is a global direct selling company operating in more than 40 markets throughout Asia, the Americas and Europe. The company markets premium quality personal care products under the Nu Skin(R) brand, science-based nutritional supplements under the Pharmanex(R) brand, and technology based products and services under the Big Planet(R) brand. Nu Skin Enterprises is traded on the New York Stock Exchange under the symbol "NUS."
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