Mannatech (MTEX) CEO Badovinus Resigns

December 3, 2009 4:34 PM EST
Mannatech, Incorporated (NASDAQ: MTEX) announced today that President and CEO Wayne L. Badovinus has resigned from the company for personal reasons as its top executive and Board member. Badovinus joined Mannatech in May 2008.

In a novel and strategic move for the company, three veteran Mannatech executives will work together within the newly created 'Senior Executive Office'. Mannatech's Chief Financial Officer Steve Fenstermacher and Chief Science Officer Dr. Rob Sinnott have been named co-CEOs while Randy Bancino, senior vice president has been named president of global business operations and expansion.

Top management responsibilities will be shared between these three officers to better serve the company's global independent sales Associates while enhancing the company's focus on its strategic objectives.

The new Senior Executive Office team includes:
  • Co-CEO Robert A. Sinnott, M.N.S., Ph.D., Chief Science Officer - Since August 2005, Dr. Sinnott has served Mannatech to further the company's proprietary science, research and development, while initiating independent clinical trials that substantiate the company's flagship Ambrotose product. He also manages the company's supply chain and regulatory efforts. He continues to influence important industry issues, such as regulations, safety and quality of vitamins and dietary supplements. As co-CEO, Dr. Sinnott will work directly with the company's senior sales and marketing executives and global Associates to be sure they have the products and tools to build their individual businesses and better serve Mannatech customers.

  • Co-CEO Steve Fenstermacher, Chief Financial Officer - Fenstermacher joined Mannatech in November 1998 serving as CFO where he assures corporate financial accountability, strategy and transparency. His management responsibilities include: accounting, finance, HR, facilities and IT operations. During his tenure at the company, he has established a worldwide system to support international growth including the creation of a seamless down line commission system and a global framework to manage and integrate efficiently the company's financial operations through a Swiss subsidiary.

  • President of Global Business Operations and Expansion Randy Bancino, previously Senior Vice President of Global Business Operations - Bancino began working with Mannatech two years ago directing business operations for the company across international markets, as well as North America. He brings more than 20 years of sales, marketing and business experience having worked as an executive with the top direct selling companies in the world. He will continue to work with the general managers of Mannatech's international subsidiaries while driving the company's future expansion efforts.

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