Kevin McCoy

USA TODAY

Herbalife CEO Michael Johnson, who led the nutritional supplement maker through a government regulatory struggle and battle with hedge fund manager William Ackman, plans to step down in June, after 13 years in the top executive job, the company said Tuesday.

Johnson, who will transition to the role of Herbalife's executive chairman under a planned management succession program, will be succeeded by Chief Operating Officer Richard Goudis, who's a 12-year company veteran and Johnson ally.

The announcement came as Herbalife (HLF) announced third-quarter results that topped Wall Street expectations for earnings per share but fell below the sales forecasts of financial analysts.

Herbalife shares were down nearly 1.6% at $58.20 in after-hours trading following the announcements.

"It is a privilege to lead this remarkable company and work with our extraordinary management team, employees and distributors to reach the position of strength we are in today," Johnson said in a statement issued by the Los Angeles-based company. "Our mission of improving people's nutrition and health is what attracted me to Herbalife Nutrition more than 13 years ago, and I am extremely proud that we have made incredible strides in bringing our mission to bear around the globe."

Saying the transition had been long planned, Johnson separately told The New York Times “it was the right time.” He added that the job shift would give him an opportunity "to look at the larger picture.”

Praising his planned successor, Johnson said Goudis has demonstrated "extraordinary integrity, judgment and passion for making Herbalife Nutrition a great company."

Goudis said he was honored by the appointment and the trust of Herbalife's board. He said the company had shown ability "to continuously innovate by bringing new products to market and improving the customer and distributor experience. I look forward to building upon this strong foundation and working with our employees and distributors as we continue to bring quality nutrition to people around the world."

The succession plan won the blessing of billionaire activist investor Carl Icahn, one of Herbalife's largest investors. In a late afternoon announcement of his support, Icahn appeared to take a barely veiled jab at Ackman, who famously assembled a $1 billion short bet against Herbalife amid his contention that the company's business model is a pyramid scheme.

Ackman escalates attack on Herbalife

"We would like to applaud Michael Johnson for doing a superb job navigating the company through a number of libelous attacks during this period," Icahn said in a written statement. "I am glad he intends to stay meaningfully involved in the company and I fully support the Board’s choice of Rich Goudis becoming CEO while Michael remains actively engaged as executive chairman."

The Ackman-Icahn disagreement over Herbalife served as an unusually public and bruising struggle, even as the Federal Trade Commission spent two years behind the scenes poring over the company's operations. The outcome proved to be a mixed verdict.

Herbalife agrees to $200M FTC settlement

In July, the company avoided being charged with operating a pyramid scheme and facing a potential forced shutdown by agreeing to pay $200 million in consumer relief and overhauling its business practices.

"Herbalife is going to have to start operating legitimately, making only truthful claims about how much money its members are likely to make, and it will have to compensate consumers for the losses they have suffered as a result of what we charge are unfair and deceptive practices," FTC Chairwoman Edith Ramirez said of the settlement.

In its new financial disclosure Tuesday, Herbalife reported third-quarter adjusted and diluted earnings per share of $1.21, topping the $1.09 expectations of analysts surveyed by S&P Global Market Intelligence.

However, Herbalife said net sales for the three-month period were $1.12 billion, slightly below the $1.14 billion forecast by the analysts.

Follow USA TODAY reporter Kevin McCoy on Twitter: @kmccoynyc