DENVER, March 16, 2016 MusclePharm Corp (MSLP) today announced Brad Pyatt has resigned from his position as CEO and will also leave the Company's Board of Directors. Executive Chairman Ryan Drexler has been appointed Interim CEO and President. The Company has begun a search for a replacement that will be overseen by the board.
"Brad has been a valuable innovator and contributor to MusclePharm, both as a member of our board and former chief executive officer," said MusclePharm's chairman and interim chief executive officer and president, Mr. Drexler. "I would like to thank Brad for his many years of dedicated service."
Mr. Drexler added "the Company will continue to execute its growth and restructuring plans following Brad's departure." The Company previously announced in a Current Report on Form 8-K filed with the Securities and Exchange Commission on March 1, 2016 that it expected Q4'15 net revenue to increase 21% quarter over quarter to $41 million, and gross margins to increase by approximately 12 percentage points to 35%. The information in such Current Report on Form 8-K furnished pursuant to Item 2.02, including Exhibit 99.1 attached thereto, was furnished and shall not be deemed "filed" for any purpose, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as expressly set forth by specific reference in such filing.
"Brad has left the Company in good hands," Mr. Drexler said. "The management team is focused on maximizing shareholder returns and executing our strategy to make MusclePharm the preeminent brand in the sports nutrition industry."
"We have accomplished a lot over the last eight years since I embarked on this journey to build a household name in sports nutrition. It has been an amazing ride and I want to personally thank all of the great people and partners who helped along the way in the development of this great company," Pyatt said. "A good entrepreneur has to know when it's time to hand leadership over, and I feel it is the right time for me and the Company."