Herbalife Ltd. (NYSE: HLF) announced that Chief Financial Officer John DeSimone will retire effective December 31, 2026, after nearly two decades with the company.

Scott Schaefer, currently Senior Vice President of Finance and Transformation at Herbalife, will assume the CFO role on January 1, 2027.

DeSimone joined Herbalife approximately 18 years ago and held several senior positions, including President, CFO, and Chief Strategic Officer. He returned to the CFO role in early 2024.

"When I returned to the CFO position in early 2024, my goals included strengthening the company's balance sheet, solidifying its financial foundation and helping position the organization for long-term success," DeSimone said in a statement. "With those priorities well underway and a strong successor ready to lead the financial organization, I believe the end of this year is the right time to retire."

Before joining Herbalife, Schaefer spent more than 16 years at Zappos.com, an Amazon subsidiary, where he held multiple finance and operations roles, eventually serving as President and CEO. Prior to that, he was CFO and Vice President of Finance at Zappos. Earlier in his career, he held finance roles at Ernst & Young and Davenport Wealth Solutions.

CEO Stephan Gratziani described Schaefer as "a results-driven leader with deep financial and digital expertise" in the company's statement.

Herbalife operates in more than 90 markets and sells health and wellness products through independent distributors.