Herbalife President Gregory Probert resigned today after admitting he lied about his academic credentials. He claimed in his biography that he had an MBA from California State University but last week admitted he had never actually completed the requirements for one. He had been under investigation by the company's board following a previous investigation by Barry Minko of the Fraud Discovery Institute in San Francisco. Minko has been an outspoken critic of the company.
In a statement Herbalife said it had no choice but to accept Probert's resignation and reaffirmed the company's "unwavering commitment to the highest standards in business ethics." That final statement is a bit hard to believe given the deceptive nature of their "Crazy Like a Fox" television ads.