Attached files
| file | filename |
|---|---|
| 8-K - Vitacost.com, Inc. | v194482_8-k.htm |
| EX-99.1 - Vitacost.com, Inc. | v194482_ex99-1.htm |
Investor
Contact:
Vitacost.com
Kathleen
Reed
Director
of Investor Relations
561.982.4180
ICR,
Inc.
John
Mills
Senior
Managing Director
310.954.1105
Vitacost.com,
Inc. Announces Executive Management Change
Engages
Executive Recruiting Firm to Conduct CEO and Independent Directors
Search
BOCA
RATON, Fla., August 16, 2010 – Vitacost.com, Inc. (NASDAQ: VITC), a leading
online retailer and direct marketer of health and wellness products, announced
that the Company and Ira P. Kerker have mutually agreed to the separation of his
employment as Vitacost’s Chief Executive Officer, effective
immediately. Mr. Kerker also resigned as a director of Vitacost,
effective immediately. The Board of Directors has named Jeffrey J.
Horowitz as the Company’s interim Chief Executive Officer.
As
previously announced, Mr. Horowitz was appointed to Vitacost’s Board on August
3, 2010 and agreed to provide consulting services to the company. He
has since been actively engaged in the Company’s strategic review of
operations. Mr. Horowitz founded Vitamin Shoppe, Inc. in 1977 and
oversaw the retail expansion from one store in 1977 to over 200 stores in 11
states. In addition, Mr. Horowitz greatly expanded Vitamin Shoppe’s
online presence beginning in 1998 with the launch of
VitaminShoppe.com.
Additionally,
Vitacost’s Board of Directors has engaged internationally recognized executive
recruitment firm Spencer Stuart to conduct a search for a permanent Chief
Executive Officer. Spencer Stuart has also been engaged to work with
the Nominating/Corporate Governance Committee and the newly created Executive
Search Committee of the Board to identify and interview independent director
candidates to further increase the diversity and independence of the
Board. Vitacost.com currently contemplates adding up to four
new independent directors and expanding the size of the Board from seven to nine
directors. As previously announced on July 23, 2010, the Board of
Directors voted to delay the 2010 Annual Meeting of
Stockholders. Upon completion of the independent director search and
nominating process, the Company will announce a new date for the
meeting.
Separately,
the Board of Directors has terminated its previously announced engagement with
Oppenheimer & Co. Inc. to identify and evaluate strategic and financial
alternatives to enhance stockholder value.
About
Vitacost.com, Inc.
Vitacost.com,
Inc. (NASDAQ: VITC) is a leading online retailer and direct marketer of health
and wellness products, including dietary supplements such as vitamins, minerals,
herbs or other botanicals, amino acids and metabolites, as well as cosmetics,
organic body and personal care products, sports nutrition and health foods.
Vitacost.com, Inc. sells these products directly to consumers through its
website, www.vitacost.com, as
well as through its catalogs. Vitacost.com, Inc. strives to offer its customers
the broadest product selection of healthy living products, while providing
superior customer service and timely and accurate delivery.