LifeVantage Appoints David Colbert as New Chief Financial Officer

SALT LAKE CITY, Aug 6, 2012 -- LifeVantage Corporation, the leader in Nrf2 science and the maker of Protandim(R), the Nrf2 Synergizer(R) patented dietary supplement, announced today that on August 1, 2012, it entered into an employment agreement with David Colbert to serve as the Company's new Chief Financial Officer. Mr. Colbert will replace the Company's current CFO, Carrie McQueen. As the Company previously disclosed, all senior management has been consolidated to Salt Lake City, Utah, where the Company is headquartered and Ms. McQueen has informed the Company of her decision not to relocate to Utah. As a result, the Company had been conducting a national search for her replacement during the last several months. Ms. McQueen will continue to assist the Company in promoting a smooth transition of her duties to Mr. Colbert.

Mr. Colbert will oversee all financial and accounting activities for the Company and will serve as the Company's principal financial officer. Prior to joining the Company, Mr. Colbert, age 43, was the Vice President and Chief Financial Officer of Park City Group, Inc., a publicly held software-as-a-service company. Prior to joining Park City Group, Inc. in July 2010, Mr. Colbert was co-founder, Chief Financial Officer and Vice President of Operations for Sendside Networks, Inc., a privately held software-as-a-service company. Earlier in his career, Mr. Colbert spent 14 years with Kimberly-Clark Corporation, a Standard & Poor's 500 company, where he held various positions of increasing responsibility in finance, accounting and strategic planning. In his final Kimberly-Clark role, Mr. Colbert was responsible for all accounting, reporting and strategic analysis for a wholly-owned subsidiary. Mr. Colbert holds a Bachelors degree in Finance and Marketing from the University of Iowa and an MBA from Emory University.

"We are excited to have David join our management team and believe his strong financial background combined with his strategic planning and public company experience will provide a meaningful contribution to our company as we continue to build our team and infrastructure," said Douglas C. Robinson, President and CEO. "In addition, we believe David will be instrumental in supporting our continued profitable growth, geographic expansion and the strategic introduction of new and complementary products."

"LifeVantage has incredible opportunities ahead as more consumers become aware of its position as a leader in Nrf2 science," commented David Colbert, Chief Financial Officer. "I am very excited to be given the opportunity to apply my experience in overseeing rapidly growing companies and my financial expertise to help the company grow with the changing marketplace."

Mr. Robinson concluded, "We want to thank Carrie for her years of service to LifeVantage. Her strategic and operational excellence have been key to our rapid growth over the last three years and she has led the effort to ensure that we can continue forward with a solid financial foundation. We appreciate her willingness to help facilitate David's transition and continue to positively position LifeVantage for the coming years."

 

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