GNC Holdings Inc. (GNC:US), a health and wellness retailer, appointed Michael Archbold as Chief Executive Officer, replacing Joseph Fortunato, amid slowing sales growth.
Archbold, 53, joins the board and begins as CEO immediately, Pittsburgh-based GNC said today in a statement. Fortunato is leaving GNC and has stepped down from the board.
Archbold, who has 25 years of retail experience, faces the challenge of reviving revenue growth (GNC:US) at GNC, which rose 8.2 percent last year, after advancing 17 percent in 2012 and 14 percent in 2011. He was previously CEO and CFO of women’s apparel retailer Talbots Inc. He also served as president and chief operating officer of Vitamin Shoppe Inc. and held senior positions at Saks Fifth Avenue and Autozone Inc.
The shares (GNC:US) declined 1 percent to $32.79 at 10:56 a.m. in New York. They had dropped 43 percent this year through yesterday.
“We are pleased that Mike has agreed to join GNC,” Mike Hines, Chairman of GNC said in the statement. “He is a world-class executive with highly relevant retail experience and financial expertise.”
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