DENVER, CO -- 04/20/15 -- MusclePharm Corporation (MSLP) today announced several corporate governance initiatives that are designed to best position the company to achieve its growth objectives.
"Our company has experienced tremendous growth since its inception back in 2008," said Pyatt. "As we look ahead and prepare for the next level of growth and profitability, we are strengthening our board and management team and instituting additional best governance practices to position the company for long-term success in the future."
The corporate governance changes announced include increasing the number of directors on the MusclePharm Board to seven, with five independent directors. In connection with the board expansion, the Nominating and Governance Committee is putting forward its recommendations for the new board positions.
MusclePharm also announced the Board's intention to separate the role of Chairman and CEO, which is expected to be completed by the end of 2015.
In addition, the company recently promoted John Price as chief financial officer and added a full accounting team based at its headquarters. It has also established the position of internal auditor, and completed its first Sarbanes-Oxley internal review.