Roney will continue to serve as the executive chairman of the board through May 2012, shortly before he begins his new church assignment, and will remain involved in the company on a limited basis until his return in 2015. Steven J. Lund, the current vice chairman of the board, will become the next chairman of the board. Lund has been with the company since its infancy and previously served as its chief executive officer.
"This year's convention will go down in Nu Skin history as a truly historic event," said Steve Lund, vice chairman of the board. "We've had the opportunity to honor the distinctive leadership of Blake Roney and wish him well in his new assignment. As the company builds on the foundation of success that he has helped to establish, we see a great future ahead for the company. Much of this optimism comes from Nu Skin's ageLOC platform that is creating a super class of anti-aging products and a powerful business opportunity for the company's expanding sale force. In addition, Nu Skin's founding mission to be a 'force for good in the world' continues to be demonstrated through the generous culture of Nu Skin global family of distributors and employees."
ageLOC Anti-aging Products
At the convention, Nu Skin officially launched its latest ageLOC products, R2 nutritional supplement and Galvanic Body Spa(TM), to the more than 13,000 distributors attending convention. At the beginning of October, Nu Skin began taking orders for the new products on a limited time basis. Orders for the new products have totaled approximately $100 million, well ahead of company expectations. Nu Skin will follow-up the limited time offering with its global roll-out that will begin in the first quarter in the United States, Japan and Korea, with subsequent product introductions in Greater China and Southeast Asia in the following quarters.
Adding to the strength of the ageLOC anti-aging super class of products is the company's recent announcement of its letter of intent to acquire LifeGen Technologies. The acquisition includes substantially all of the assets of LifeGen, including its tissue bank, proprietary gene expression database, patents and intellectual property related to gene research. The acquisition of LifeGen will enhance Nu Skin's pipeline of next-generation anti-aging products for many years to come, allowing Nu Skin to provide a steady stream of innovative anti-aging solutions aimed at helping people live younger, longer.
Nu Skin Corporate Social Responsibility
On the eve of the convention, the Nu Skin Force for Good Foundation hosted a fundraising gala with approximately 700 guests in attendance. Celebrating its 15-Year Anniversary, the foundation raised approximately US$700,000. One hundred percent of donations are used for projects around the world that offer hope for children to have a life free from disease, illiteracy and poverty.
