Herbalife announces retirement of board member
Mr. Barnes, Jr. will have served on the board for more than a decade. He is the retired vice president and treasurer of PG&E Corporation, a position he held from 2001 to 2005. From 1997 to 2001, he was vice president and treasurer of Gap, Inc..
Prior to that, Mr. Barnes, Jr. held various positions with Pacific Telesis Group/SBC Communications. Earlier in his career, he was a consultant at Touche, Ross & Co., a predecessor of Deloitte & Touche.
Mr. Barnes received his bachelor’s and master’s degrees from Stanford University, and his MBA from Stanford Business School. He is a member of the boards of directors of the McClatchy Newspapers Company, Inc., a newspaper and Internet publisher, and Frontier Communications Corporation, a telecommunications-focused company.
The company further announced that, as part of the transition, fellow board member, Richard Bermingham, will assume Mr. Barnes' position as chair of the Audit Committee, effective today.
Mr. Bermingham, currently retired, has more than 40 years of business experience. Mr. Bermingham has been engaged in real estate development and investing activities as a private investor during the past several years. From 1994 to 1997, he was the vice chairman of the board of American Golf. He worked for Collins Food International, which was acquired by Sizzler International, Inc., from 1967 to 1994.
He served as the chief executive officer and a member of the board of directors of the publicly traded company for the period from 1987 to 1994. Mr. Bermingham currently serves on the boards of EaglePicher Corp.; Special Value Expansion Fund, LLC; Interactive Health Inc.; and Joe's Crab Shack. ■