Herbalife puts former CEO back in charge, withdraws guidance

Yahoo Finance Live anchors discuss highlights from Herbalife third-quarter earnings.

Video transcript

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BRAD SMITH: Welcome back, everyone. It's time for Cut for Time, three stories, one minute each. We start with this on the day. Herbalife Nutrition has renamed--

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--Michael Johnson as chairman and interim CEO following news that Chief Executive John Agwunobi would be stepping down. Johnson has already served as CEO from Herbalife from 2003 to 2017, and from 2019 to early 2020. The company also announced it is withdrawing its full year 2022 guidance, and will periodically reassess when they believe future performance can be reasonably estimated. All right, the return of the CEO. Call it a comeback.

BRIAN SOZZI: Yeah, talk about everything you don't want to see in an earnings release. Your CEO essentially kicked out. You have no guidance. And oh, yeah, your quarter also stunk.

JULIE HYMAN: You know, I covered this company way back when Bill Ackman said it was gonna go to zero and famously shorted it. He ended up throwing in the towel on that. Eventually, Carl Icahn, remember, had taken the other side of that trade.

And honestly, after a while, I stopped paying attention to it because it did that, right? It's been going down now for a couple of years. And so it didn't go to zero but it's a smaller company than it was. Remember, this is a multilevel--

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--marketing nutrition company. I could talk for a long time about--

BRAD SMITH: Pyramid

JULIE HYMAN: --them but I'll leave it.

BRIAN SOZZI: They sell protein bars.