herbalife nutrition ltd on monday said chief executive john agwunobi would step down and michael johnson would assume the role of interim chief executive and chairman herbalife hlf shares fell as much as 99 in afterhours trading monday following the announcement but later settled at a loss closer to 6 the company also released quarterly earnings in which executives withdrew guidance for the full year “given the rapidly shifting macroeconomic sentiment and backdrop as well as increased volatility in the marketplace” the marketing company whose nutrition products rely on individual promoters it calls “distributors” said it expected to name a new ceo next year johnson had already served as ceo of herbalife from 2003 to 2017 and from 2019 to early 2020 he held the role of chairman from 2007 to early 2020 the leadership change comes after herbalife in may cut its fullyear sales forecast citing issues with newer distributors that joined during the pandemic in august however company executives said “underlying business trends stabilized during the remainder of the second quarter compared to april levels” but they lowered their forecast for adjusted earnings per share largely due to “unfavorable currency movement” while sticking with their netsales forecast herbalife stock is down 48 so far this year by comparison the sp 500 index spx has lost 19 of its value over that time