Michael G. Archbold, the former president and COO of Vitamin Shoppe, has been named the CEO of GNC effective immediately. He replaces Joseph Fortunato, former president and CEO, in the role. Fortunato has stepped down from his role as chairman at the company as well. Lead Independent Director Michael Hines was elected the non-executive chairman of the board.
“Joe Fortunato led GNC through a period of considerable growth, innovation and transformation,” says Hines. “We thank him for his significant contributions to the company and we wish him well in the future.”
GNC recently reported its second quarter results. Same store sales decreased by four per cent on a product-only basis in domestic company-owned stores, including GNC.com. It reported its net income to be US$69.9 million, compared to US$71.7 million in the second quarter of 2013.
Archbold has decades of experience in the retail industry, most recently as CEO and CFO of Talbots Inc. Prior to that, Archbold held CFO positions at Saks Fifth Avenue and AutoZone Inc.
“GNC is an admired industry leader with an iconic brand, strong positions in its core markets, differentiated products, a history of innovation and a loyal customer base,” says Archbold. “I am honoured to lead this organization, and I look forward to working closely with the team across GNC and the Board to further strengthen the company’s market position and deliver improved financial performance.”
