LONDON, Oct 19, 2005 /PRNewswire via COMTEX/ -- The World Federation of Direct Selling Associations today announced the election of Nu Skin Enterprises (NUS) President and Chief Executive Officer Truman Hunt as chairman of its board of directors, effective immediately. During the three-year appointment, Hunt will retain full responsibilities as Nu Skin Enterprises' chief executive.
"I am extremely honored by this appointment and look forward to serving with colleagues from around the world to promote the direct selling industry," Hunt said. "During my tenure as WFDSA chairman, I will focus on expanding the influence of local direct selling associations, fostering a positive regulatory environment, further strengthening industry ethics and increasing the stature of direct selling among our key constituencies."
Founded in 1978, the World Federation of Direct Selling Associations (WFDSA) is a non-profit organization that represents the global direct selling industry and is comprised of more than 50 national direct selling associations. Immediate past chairmen of the WFDSA include Dick DeVos, former chief executive officer of Amway Corporation, and Jim Preston, former chairman of the board and chief executive officer of Avon Products.
While developing and promoting the highest global standards for ethical conduct and by advocating the interests of the direct selling industry, the mission of the WFDSA is to build understanding and support for direct selling around the world. Additionally, the association serves as a trusted global resource for information on direct selling and facilitates interaction among direct selling executives on issues of importance to the industry.
Globally, direct selling generates over $90 billion per year in revenue from goods and services sold through more than 54 million independent distributors and sales representatives. The United States represents approximately one-third of the global direct selling market. The growth rate of direct selling has outpaced that of retail sales in the United States and abroad for more than a decade.
Nu Skin Enterprises, Inc. is a global direct selling company operating in 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".