ADA — Steve Van Andel told employees this week that he will retire from the global direct-selling giant Amway Corp. at the end of 2018.
In a statement, the second-generation executive said he planned to keep his board position and serve as chairman of Amway, which was co-founded by his father, Jay Van Andel. The long lead time for the retirement will “allow for a seamless transition.”
Van Andel, who has been chairman of the board since 1995 and shares the CEO title with Doug DeVos, did not elaborate on Amway’s plans for that transition.
“In the past few years I have been blessed with a family, and I am looking forward to spending more time with my wife and two kids,” Van Andel said in a statement. “I firmly believe in the future of Amway and in all of the people that make this business great.”
Sales for the privately-held Amway have slumped in recent years, falling nearly 34 percent from its peak of $11.8 billion in 2013.
For 2016, the global company said it generated $8.8 billion in sales, a 7.4-percent decrease from the previous year, amid softening in key international markets, namely in China.