LABJ Insider: January 2 – Los Angeles Enterprise Journal

Hello Again

It turns out that Michael Johnson’s return to the helm of Herbalife Nutrition Ltd. is not quite so temporary after all. The downtown Los Angeles-based supplements company last week announced it had removed the “interim” from his title as chief executive. Johnson signed an employment agreement that initially runs through this calendar year.

Johnson

Johnson, 68, led the company for 14 years until 2017 and returned in 2019 into early 2020. He was brought back again in October as the interim CEO following the departure of John Agwunobi.

The announcement pointed out that during Johnson’s tenure the company quadrupled sales and expanded operations from 58 to 95 global markets. However, sales swooned during the pandemic.

Johnson’s base salary for the year? $1. However, he is eligible for an annual bonus targeted at $1.2 million that could go as high as $2.4 million, as well as an incentive award valued at $10 million on the grant date, both of which are payable in company stock. He also got a $250,000 signing bonus.

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Everybody knows that Californians keep moving out of the state. But where do they move to? According to new research from Forbes Home, a personal finance publisher, Texas is the top destination. At least it was in 2019, which was the year Forbes Home studied Census Bureau data.

In that year, more than 82,200 Californians moved to Texas. The other top destinations and the number who moved there: Arizona with 59,700 migrants from California; Nevada with 47,300; and Washington with 46,800.

Interestingly, California was the top destination for folks who relocated from those states. But less than half as many moved into California as those who moved out.

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When Elon Musk a few months back offered buyouts to Twitter employees who didn’t want to stay on, he apparently started a trend. According to a survey of 1,000 companies last month by ResumeBuilder, which offers online resume templates, three of four businesses last year offered voluntary separation agreements; helped of those who didn’t plan to offer them this year.

Voluntary separation agreements, in which companies typically offer some incentive for employees to quit, are not new. But Musk renewed interest in them; 89% said their buyout policy was at least somewhat inspired by him.

The main advantage: Voluntary separations allow a company to avoid some of the disruptive and demoralizing aspects of layoffs. On the other hand, some key employees that companies might like to retain often take the buyout offers.

Staff Reporter Howard Fine contributed to this column. The Insider is compiled by Editor-in-Chief Charles Crumpley. He can be reached at ccrumpley@labusinessjournal.com.

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