Herbalife Chairman Steps Down

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Herbalife Ltd. Chairman Peter Castleman and board member David Halbert resigned Thursday to pursue other business activities.


The Los Angeles-based supplement maker said Chief Executive Michael Johnson would assume Castleman’s duties.


Castleman is a managing partner of J.H. Whitney & Co., a private equity firm based in New Canaan, Conn., which made a $2.7 billion takeover bid for Herbalife back in April which was rejected as insufficient.


Halbert is founder and chairman of Caris Ltd., a privately held investment partnership in Irving, Texas.


Shares in Herbalife fell 2 cents to $39.89 in afternoon trading Thursday on the New York Stock Exchange.

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