Nearly a year after being named Chief Executive Officer, GNC's Ken Martindale has added the title of Chairman to his resume.
The company’s Board of Directors announced that it has unanimously approved Martindale to the additional role of Chairman, effective immediately.
"I am honored to take on this new role as we accelerate our efforts to reposition GNC to drive growth, improve our financial strength and performance and enhance shareholder value,” Martindale said. “We continue to expect the transaction with Harbin Pharmaceutical Group to close later this year, and I look forward to working with the rest of the Board as we execute our strategy to build on the strength of the GNC brand, leverage our capabilities in product and service innovation, expand our international presence and deliver a compelling, integrated customer experience."
Harbin Pharmaceutical Group (Hayao), China’s second largest drug maker, and GNC announced a joint partnership back in February, with the pharmaceutical company making a $300 million strategic investment in GNC. The two companies agreed to form a joint venture for the manufacturing, marketing, sale and distribution of GNC-branded products in China, leveraging the synergies between Harbin Pharmaceutical Group and GNC in the fast-growing Chinese market.
Martindale succeeds Bob Moran, who remains on the Board and assumes the role of Lead Independent Director.
"Ken has demonstrated exceptional leadership and strategic insight in his role as CEO, and the Board looks forward to continuing to benefit from his insight and expertise as he assumes the role of Chairman," said Moran. "We are confident that under Ken's continued leadership we will be even better positioned to effectively implement our strategic plans and drive shareholder value."
As of June 30, 2018, GNC had approximately 8,800 locations, of which approximately 6,600 retail locations are in the United States and franchise operations in approximately 50 countries.