Mannatech CEO quits
This article was originally published in The Tan Sheet
Executive Summary
Sam Caster, co-founder of Coppell, Texas-based multilevel dietary supplements marketer Mannatech, resigns as the firm's chief executive Aug. 21 amidst litigation charging the company engaged in deceptive sales practices. Caster will retain his position as chairman of the board. President and COO Terry L. Persinger, who will retire from the company in June 2008, has been appointed interim president and CEO while Mannatech seeks a permanent replacement. Additionally, Exec VP-Global Operations Terence L. O'Day will assume responsibility as COO. The Texas attorney general filed a lawsuit in July seeking to shut down Mannatech, due to its alleged use of false claims in marketing. However, Mannatech has vowed to fight the suit (1"The Tan Sheet" July 16, 2007, p. 11)...