Church says Gary E. Stevenson, a member of the faith’s Quorum of the Twelve, has a special exemption to long-standing church policy, allowing him to serve on the company’s board.
Plans by Logan-based iFIT Health & Fitness to go public on U.S. stock markets could bring immense windfalls for one current top leader of The Church of Jesus Christ of Latter-day Saints and another who recently stepped down.
As co-founder of one of the fitness equipment maker’s early predecessors, Gary E. Stevenson, a member of the faith’s Quorum of the Twelve Apostles, is nominated to become a board director as part of its initial public offering, documents reveal.
That IPO, delayed by company officials last week due to wild market swings, also stands to reward the 66-year-old church leader handsomely for nearly 43.4 million iFIT shares he has accumulated through the years, according to public filings with the Securities and Exchange Commission.
The company’s Oct. 1 IPO filings with federal regulators set an initial per-share price range for the prospective sale as high as $21 — which would raise the value of Stevenson’s current stock holdings in iFIT to $911.9 million.
Filings with the SEC also detail a $1.79 million loan to Stevenson by the company in 1999 that has since been forgiven and is listed as compensation. It was part of nearly $53.2 million in loans to managers the company said it forgave in preparation for the postponed offering.
Being a corporate board member would appear to violate a long-standing church policy discouraging Latter-day Saint apostles from serving on such boards.
In January 1996, the faith’s governing First Presidency asked the church’s general authorities to gradually withdraw from such positions, in light of growing ecclesiastical duties from a worldwide church membership that had topped 9.3 million at that point. That membership is now above 16.6 million.
A church spokesperson said late Monday that Stevenson had received a special dispensation from church authorities, “resulting from his legacy shareholdings and his role as a co-founder of the corporation.”
“Such permissions are considered and granted under exceptional circumstances on a case-by-base basis, and are rare,” spokesperson Doug Andersen said in a written statement.
Andersen said as an iFIT director, Stevenson attended board meetings, “but he is not involved in the day-to-day operations or financial management of the company.”
The church did not respond to inquiries as to whether other Latter-day Saint apostles have been granted similar exemptions nor as to what rules the church places on them for disclosing their business activities.
Good for him. He co founded the business out of college decades ago. I hope Gary refuses all forms of church financial living allowance and parsonage which are offered to senior leaders.
Quorum of the Twelve Apostles
One of the dozen men was a tax collector, and several others were fishermen who plied their trade on the waters of Galilee. When they were called to serve, they devoted themselves to being witnesses to the world of the one who called them.
They were the twelve leading disciples or "apostles" chosen by Jesus Christ nearly two millennia ago.The men who hold that same title today come from a variety of fields, including law, business, medicine, academia and the judiciary. When they were called to serve, they too put aside their respective professions to serve full-time as witnesses of Christ.
Well we now know that’s not strictly true. In fact, it’s a lie. “Some” have been given special dispensation to carry on earning rather than working full time for the Church.
Quorum of the Twelve Apostles
One of the dozen men was a tax collector, and several others were fishermen who plied their trade on the waters of Galilee. When they were called to serve, they devoted themselves to being witnesses to the world of the one who called them.
They were the twelve leading disciples or "apostles" chosen by Jesus Christ nearly two millennia ago.The men who hold that same title today come from a variety of fields, including law, business, medicine, academia and the judiciary. When they were called to serve, they too put aside their respective professions to serve full-time as witnesses of Christ.
Well we now know that’s not strictly true. In fact, it’s a lie. “Some” have been given special dispensation to carry on earning rather than working full time for the Church.
Good point. And let's not forget the silly claim of being witnesses of Christ. If they've seen him, they sure ain't telling anyone.
“Every one of us is, in the cosmic perspective, precious. If a human disagrees with you, let him live. In a hundred billion galaxies, you will not find another.”
― Carl Sagan, Cosmos
Good for him. He co founded the business out of college decades ago. I hope Gary refuses all forms of church financial living allowance and parsonage which are offered to senior leaders.
Seconded! Good for him. I hope he runs a prosperous and legitimate business model that’s ethical and reaps the rewards from it.
- Doc
Hugh Nibley claimed he bumped into Adolf Hitler, Albert Einstein, Winston Churchill, Gertrude Stein, and the Grand Duke Vladimir Romanoff. Dishonesty is baked into Mormonism.
Well we now know that’s not strictly true. In fact, it’s a lie. “Some” have been given special dispensation to carry on earning rather than working full time for the Church.
Good point. And let's not forget the silly claim of being witnesses of Christ. If they've seen him, they sure ain't telling anyone.
This has been corrected. They are now special witnesses of the NAME of Christ.
Anyone who's ever read the New testament knows how much Jesus loves billionaires. Who else would he call to be in his super-sacred-not-secret cabal of leaders? Fishermen? Tax collectors? Pfft! Jesus hates the poor. Everyone knows that.
I wonder how billionaire Elder Gary E $tevenson interprets this teaching…
23 ¶ Then said Jesus unto his disciples, Verily I say unto you, That a rich man shall hardly enter into the kingdom of heaven.
24 And again I say unto you, It is easier for a camel to go through the eye of a needle, than for a rich man to enter into the kingdom of God.
Mathew 19 https://www.churchofjesuschrist.org/stu ... 9?lang=eng
I'm not against the guy cashing in on his efforts. However, what is he going to do with the money? Is he going to give it up and follow the big guy he supposedly represents? In another scripture, Jesus supposedly said to the rich guy that he lacked that one thing.
However, that was then and today Jesus wants his reps to be extremely wealthy and his fund to top $One Trillion. Gotta have more and more to spread the news evidently.
Myth is misused by the powerful to subjugate the masses all too often.
Here’s another thought. Some of Billionaire Gary’s Apostle colleagues will have given up significant business income at the point they became an Apostle. There’ll be some that weren’t given dispensation to continue earning from their business positions or from non executive business roles etc. How will they feel sat next to a guy who was been allowed to do something they were not? How will Mr Modest Income Apostle, who now cannot earn an eye watering personal amount from non Church activities, now feel sitting next to Billionaire Gary?
I think the bigger question now, is what else has been hidden from members with regards to the earnings of the people who were supposed to be full time servants of Christ…