Former GNC Exec Leaves Numico, May Buy Back Company

ZOETERMEER, The Netherlands--Royal Numico N.V. announced William Watts resigned from the Supervisory Board of the company, and expressed interest in acquiring the U.S. GNC operations in cooperation with a U.S. venture capital firm. In its statement, Numico (www.numico.com) noted it has not made a final decision on selling GNC. However, GNC is currently on "probation" with Numico, which sold the European GNCs to NBTY in March 2003.

Watts was the president and chief executive officer (CEO) of GNC when Numico acquired the chain in August 1999 in a $2.5 billion deal; he made a three-year commitment to Numico at that point. In March 2001, he resigned as CEO of GNC and was appointed to the Supervisory Board of Numico. Interestingly, Watts' replacement at GNC, Greg Horn--the son of GNC's former chairman Jerry Horn, was himself replaced only a year later as sales dropped at GNC.

In its release, Numico added it would propose appointing Hessel Lindenbergh, currently a member of the executive board of ING Group, to the Numico Supervisory Board.