Herbalife Ltd. Maker of nutritional supplements said its president and chief operating officer Gregory Probert resigned as it was discovered he didn't complete an academic degree.
Probert resigned on April 30 as he did not have a MBA degree as stated on his biography. The company also reported a net income of $62.4 million or 93 cents a share on its first quarter profit. This is compared to $41.2 million or 55 cents a share in the same period of 2007.
Sales of Herbalife jumped 19 percent to $604.4 million as demand of its products grew in China and Italy.
Herbalife projected earnings of 89 cents to 92 cents a share and earnings of $3.52 to $3.57 for the full year.
Shares of Herbalife fell 1.85 percent at the end of trading Thursday in the New York Stock Exchange to $42.97 a share.