Company News, Financial News

Herbalife’s Champion Steps Aside

Carl Icahn sells stake and leaves board.

He believed in the nutritional supplement and beauty company when others were convinced it was only a pyramid scheme. But now, Carl Icahn is off to find new projects. Icahn sold about $600 million of his 16% Herbalife stake back to the company in recent days, according to sources. The liquidation leaves him with just a 6% stake, worth $400 million. The move also puts his holdings below the level stipulated in an agreement Icahn has with the company, so he will give up the five board sea...

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