Herbalife Ltd. might have had one of the quickest annual meetings of 2013.
The nutritional supplements company, battling a billionaire investor’s bet that its stock will tank, began its yearly gathering of shareholders a few minutes after 9 a.m. in Beverly Hills. It was over 14 minutes later.
The company did not take questions from the audience, which consisted of about 50 people -- most of them Herbalife employees. The board quickly announced the approval of an executive compensation plan for Chief Executive Michael Johnson and five other top executives. The company also announced that an overwhelming majority of shareholders approved five board members, including two new members backed by billionaire investor Carl Icahn.
For several months, two activist investors -- Icahn and Bill Ackman -- have been in a war of words and cash over Herbalife’s future. Ackman has bet $1 billion that the company is a pyramid scheme that will fail, while Icahn bought 15% of Herbalife’s stock.