The natural and whole foods distributor Whole Living Inc. has announced details of a restructuring plan which will include the appointment of a new board, a new management team, a partial acquisition and a reverse stock split.
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Ron Williams, a founder and former CEO, rejoins the company, replacing Doug Burdick as CEO, while Robert Reitz has been named as chief financial officer.
As part of the management restructuring, Whole Living has made a number of other executive appointments. Brenda Huang is named as director and vice president marketing; Paul Frampton, vice president of global sales; Rick Redford, vice president of business development; Jerry Gray, vice president of operations and product development; William Fifield, vice president of communications; Daylen Bushman, vice president of production, and Chris Patterson as general counsel.
In addition, the company has announced that it has acquired an interest in ForeverGreen, Inc., a direct sales company located in Utah. ForeverGreen markets a range of natural products including FrequenSea, a nutritional drink containing a blend of nutrients from both land and sea, including marine phytoplankton.
The new board has authorised a 15 for 1 reverse split of the common stock, with any fractional shares of 0.5 or greater to be issued one share of common stock subject to shareholder approval.
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By GlobalData“Our restructuring plan is designed to increase shareholders and strengthen our corporation with a healthier balance sheet, an extensive product offering, and significantly grow the current number of distributors,” Ron Williams said. “There are great synergies among these company’s product lines as well as the opportunity to pursue markets including the United Kingdom, Japan, New Zealand, Singapore and Malaysia that will now be open to all the subsidiaries.”
