Pittsburgh – In a surprise announcement, GNC Holdings Inc. said that Joe Fortunato, chairman, president and CEO of the company, is stepping down. It named Michael G. Archbold, 53, CEO and CFO of The Talbots Inc., as CEO and member of the board, effective immediately. The change comes a week after GNC announced its second disappointing quarter this year.
Archbold has more than 25 years of retail industry experience. Prior to joining Talbots, he served in a variety of senior roles, including president and CEO of Vitamin Shoppe Inc. Archbold also previously held senior leadership positions, including serving as CFO, at Saks Fifth Avenue and AutoZone Inc.
"The board is committed to delivering improved financial results and creating value for GNC shareholders and we are pleased that Mike has agreed to join GNC,” said GNC chairman Mike Hines. “He is a world-class executive with highly relevant retail experience and financial expertise, proven leadership skills and a track record of developing strong corporate cultures and delivering superior financial performance. We have tremendous confidence in GNC's prospects and in Mike's ability to lead the company going forward."