LifeVantage President And CEO Steve Fife Sends Letter To Stockholders
LifeVantage Corporation (NASDAQ:LFVN) ("LifeVantage" or the "Company"), a leading health and wellness company with products designed to activate optimal health processes, today sent the following letter to stockholders from President and Chief Executive Officer, Steven R. Fife, highlighting the importance of retaining critical directors Garry Mauro, Michael A. Beindorff and Darwin K. Lewis to ensure the Company's continued progress:
Dear Fellow LifeVantage Stockholders:
When I joined LifeVantage as Chief Financial Officer in 2017, the direct selling industry was undergoing intense change. Broad trends, like the shift to e-commerce, the rise of social media, the proliferation of new digital tools and the growth of the "gig economy," were shaping our business, and those trends were accelerated by the COVID-19 pandemic.
Direct selling companies have faced a challenging market, and many of our competitors have struggled to adapt to this new environment. Since I joined LifeVantage, our five public direct selling peers have lost nearly 40% of their aggregate enterprise value.1 All but one of our peers are less valuable today than they were six years ago.
LifeVantage has avoided the same fate because our Board of Directors, led by Garry Mauro as Chair, recognized these rapidly changing industry dynamics and took decisive action to reposition the Company to address our challenges and capitalize on our many opportunities. The Board led the effort to rebuild our leadership team and refine our strategy.
In an industry where so many have failed, LifeVantage has thrived.
Since we announced our new LV360 strategy in January 2023, LifeVantage has generated a total return of 133%,2 which is among the best returns for any U.S. public company in any industry.
During this transformation, we have benefitted greatly from the fresh perspectives of our newer directors, including Cynthia Latham, a direct selling industry veteran whose expertise in health and wellness is tailor-made to help oversee the execution our strategy. Just as important, though, has been the deep understanding of our business, strong relationships with our consultants and critical institutional knowledge that our more experienced directors provide.
As I write to you, our 2023 Annual Meeting of Stockholders is just days away. At this meeting, two stockholders are seeking to remove three vitally important, experienced directors. In my view, the removal of any of these individuals would be a huge loss for the Company and its stockholders.
Garry Mauro, our Chair, is an important voice in our boardroom and is adept at focusing the Board's discussions on critical issues as well as challenging the leadership team to improve performance. Garry is known and respected by our consultants, who look to him as a source of stability and continuity during a time of significant change.
Michael Beindorff and Darwin Lewis also have critical roles on the Board, including leading our Compensation Committee and Audit Committee, respectively. Michael is one of the Board's foremost marketing experts, with experience in senior marketing roles at Coca-Cola and VISA. Darwin provides valuable knowledge of international markets gained over three decades at one of the world's largest global consumer packaged goods companies, SC Johnson & Son.
During this period of transformation, it is critical that we retain the expertise that Garry, Michael and Darwin uniquely provide. It would be unwise, in my view, to disrupt the balance we have achieved in the boardroom of fresh insights and deep experience and knowledge of our industry, operations and history.
I appreciate your investment and your support and ask that you please vote for all of the Company's director nominees using our white proxy card. Help us continue our progress and strong momentum by ensuring that our Board retains valuable institutional knowledge and experience as we chart our course forward.
Steven R. Fife
President and Chief Executive Officer
LifeVantage strongly recommends that stockholders vote "FOR" ALL of the Company's highly qualified and experienced director candidates using the WHITE universal proxy card.
Stockholders who have any questions or need assistance voting their shares are encouraged to contact the Company's proxy solicitor, Morrow Sodali LLC, at (800) 662-5200 or LFVN.email@example.com.