MANNATECH INC appointed new CEO

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On March 13, 2024, Mannatech, Incorporated (the "Company") issued a press release announcing the retirement of Alfredo (Al) Bala as the Company's Chief Executive Officer effective April 1, 2024 and the engagement of Mr. Bala as an advisor to the Company effective April 1, 2024. Additionally, the Company announced the promotion of Landen Fredrick to President and Chief Executive Officer ("CEO") effective April 1, 2024. As previously announced, Mr. Fredrick will continue serving as the Company's Chief Financial Officer until such time as a permanent CFO is hired by the Company. 


Mr. Fredrick, age 51, has served as President and Chief Operating Officer since June 7, 2023. He is the son of J. Stanley Fredrick, the Chairman of the Board and a major shareholder. He previously served as the Company's Chief Sales and Marketing Officer, Global Chief Sales Officer and President, North America. Mr. Fredrick joined Mannatech in 2006 and has played a key role in developing and driving systems to create efficiencies for the Company. Mr. Fredrick is also the chairman of the M5M Foundation, a non-profit organization benefiting children in need (the "M5M Foundation"). As disclosed in the Company's definitive proxy statement filed with the Securities and Exchange Commission on April 27, 2023 (the "2023 Proxy Statement"), the Company made cash donations of $0.6 million to the M5M Foundation for the year ended December 31, 2022. In 2023, the Company made cash donations of approximately $0.4 million to the M5M Foundation. Mr. Fredrick served as a member of the Board of Directors of the Direct Selling Association from June 2015 to June 2018. Mr. Fredrick owned a web and advertising business, Killian Fredrick, from 2001 to 2006. Mr. Fredrick earned a BA from Abilene Christian University in 1995 and his MBA from Amber University in 1997. There are no other arrangements between Mr. Fredrick and any other person pursuant to which Mr. Fredrick was selected as CEO. The Company's board of directors approved an increase in Mr. Fredrick's annual base salary to $325,000 for 2024, effective as of his promotion to CEO. 


A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.


Exhibit Number Description 


99.1*

Press release dated March 13, 2024, entitled "Mannatech Announces Retirement of Alfredo Bala and Promotion of Landen Fredrick to President and CEO."


*Furnished herewith.