Herbalife hires former U.S. regulator to lead compliance team
Herbalife Ltd, the marketer of weight-management products, energy drinks and nutrition supplements that has come under investigation by the Federal Trade Commission as well as other agencies, has hired a former FTC official as its chief compliance officer.
Herbalife (HLF.N) said it named Pamela Jones Harbour, who was an FTC commissioner from 2003 to 2010, as senior vice president, global member compliance and privacy. She will be in charge of the company’s 300-member compliance team and coordinate global compliance.
Earlier this year the company told it was being investigated by the FTC following allegations that the company was a pyramid scheme.
Herbalife has rejected the allegations, and has asked the U.S. Securities and Exchange Commission to investigate whether short-sellers illegally manipulated the market.
“I will develop and enhance training programs, develop and ensure consistent enforcement of rules,” she said. “The challenge that I have is making sure that (distributors) don’t make claims above and beyond what they should make.”
Harbour will also work on privacy and cyber security matters for Herbalife.
Source: Reuters- Herbalife hires former U.S. regulator to lead compliance team
