Honest Co. shares dip 7% after Jessica Alba steps down from company she founded
By Ben Glickman
Shares of Honest Co. fell Wednesday after it lost rights to use the name and likeness of founder Jessica Alba.
The stock fell 7.3% to $3.45. Shares are still up about 5% since the start of the year.
Honest (HNST) said in a regulatory filing Tuesday that the actress Jessica Alba would step down as chief creative officer. As part of the separation agreement, the company will have to remove licensed property containing Alba's name, likeness or any other attributes linked to her from packaging and online.
Alba has been front and center in marketing for Honest since its founding over a decade ago.
The company will also pay Alba a year of her current base salary, plus a bonus and the vesting of restricted stock units.
Alba will remain with the company as a director.
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04-10-24 1701ET
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