Medifast, Inc. Announces Executive Management Change
OWINGS MILLS, Md., Nov. 13, 2012 /PRNewswire/ -- Medifast, Inc.
(NYSE: MED), a leading United
States manufacturer and provider of clinically proven,
portion-controlled weight-loss products and programs, today
announced that the Company's Chief Financial Officer, Brendan Connors, will resign to pursue other
interests, effective immediately. Chairman and Chief
Executive Officer, Michael C.
MacDonald has named Edward J.
Powers, as interim Chief Financial Officer.
(Logo: http://photos.prnewswire.com/prnh/20120613/NE24271LOGO-b
)
"On behalf of our employees and the Board we would like to thank
Brendan for his contributions to the growth of Medifast over the
last seven years," commented Mr. MacDonald. "He is leaving Medifast
with a strong balance sheet and a robust Finance team focused on
optimizing our overall cost structure to further leverage our sales
momentum, improve our margins and deliver increased earnings
results, while continuing to focus on enhancing the customer
experience in each of our sales channels - Take Shape for Life,
Medifast Direct, and Medifast Weight Control Center and Wholesale
Physicians. We wish him the best of luck in his future
endeavors."
Mr. Powers joined Medifast as Senior Controller in 2011 with
over 30 years of finance and accounting experience. Most recently,
Mr. Powers was Global Controller, Construction Group at Stanley
Black & Decker, Inc. (NYSE: SWK) from 2010 to 2011. While at
Stanley Black & Decker, Inc. Mr. Powers also was Director of
Finance, Global Product Development from 2009 to 2010 and Director
of Finance, Business Planning and Analysis, Industrial Products
Group from 2006 to 2009. Prior to joining Stanley Black &
Decker, Inc. Mr. Powers has held various roles at DeWalt including
Director of Finance, Marketing Division from 2000 to 2005, Director
of Finance, Business Development from 2000 to 2005, Director of
Finance, Latin American Group from 1998 to 1999 and Assistant
Corporate Controller from 1993 to 1998. Mr. Powers also worked for
the international accounting firm Coopers & Lybrand for 13
years.
The Company has engaged an executive recruiting firm to conduct
a search for a new chief financial officer.
MED-F
About Medifast
Medifast (NYSE: MED) is the leading easy-to-use, clinically
proven, portion-controlled weight-loss program. The company sells
its products and programs via four unique distribution channels: 1)
the web and national call centers, 2) the Take Shape For Life
personal coaching division, 3) Medifast Weight Control Centers, and
4) a national network of physicians. Medifast was founded in 1980
and is located in Owings Mills,
Maryland. For more information, log onto
www.MedifastNow.com.
Forward Looking Statements
Please Note: This release contains "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as
amended, and the Private Securities Litigation Reform Act of 1995.
These forward-looking statements generally can be identified by use
of phrases or terminology such as "intend" or other similar words
or the negative of such terminology. Similarly, descriptions of
Medifast's objectives, strategies, plans, goals or targets
contained herein are also considered forward-looking statements.
Medifast believes this release should be read in conjunction with
all of its filings with the United States Securities and Exchange
Commission and cautions its readers that these forward-looking
statements are subject to certain events, risks, uncertainties, and
other factors. Some of these factors include, among others,
Medifast's ability to attract and retain independent Health Coaches
and customers, stability in the pricing of print, TV and Direct
Mail marketing initiatives affecting the cost to acquire customers,
increases in competition, litigation, regulatory changes, and its
planned growth into new domestic and international markets and new
channels of distribution. Although Medifast believes that the
expectations, statements, and assumptions reflected in these
forward- looking statements are reasonable, it cautions readers to
always consider all of the risk factors and any other cautionary
statements carefully in evaluating each forward-looking statement
in this release, as well as those set forth in its latest Annual
Report on Form 10-K and Quarterly Report on Form 10-Q, and other
filings filed with the United States Securities and Exchange
Commission, including its current reports on Form 8-K. All of the
forward-looking statements contained herein speak only as of the
date of this release.
SOURCE Medifast, Inc.