The Downtown-based company said it hired
"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 lead independent board director,
Archbold, 53, comes to GNC from women's apparel retailer
The shake up comes a week after GNC reported a 4 percent decline in same-store sales for the April-June quarter, a lowered prediction for full-year profit and quarterly net income that missed analyst expectations.
Fortunato blamed the poor results on a heavy reliance on product discounts and a confusing pricing strategy. He announced a plan to wean customers off promotions and invest in marketing to draw shoppers back to stores.
Fortunato received total compensation last year of
His severance agreement requires GNC to pay him a lump sum of two times his base salary of
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