Mannatech Co-Founder Resigns

CEO steps down, remains chairman

Under pressure from shareholders and regulators accusing the company of using illegal sales tactics, Sam Caster, who co-founded Mannatech Inc. [Coppell] in 1993, resigned as CEO. He retains role as board chair, reports the Wall Street Journal.

The board of directors selected Terry L. Persinger, current President and CEO, as interim CEO.

The $410 million dietary supplements maker went public in 1999, and has experienced rapid growth. However, the Texas attorney general is pursuing the company for false marketing claims, and a number of shareholder suits have been filed against the company. .:.