OWINGS MILLS, Md., Feb. 2, 2012 /PRNewswire/ -- Medifast, Inc.
(NYSE: MED), a leading United
States manufacturer and provider of clinically proven
portion-controlled weight-loss programs, today announced that the
Company's Board of Directors has named Michael C. MacDonald, Executive Chairman of the
Board, as the Company's new Chief Executive Officer, effective
February 8, 2012. In addition,
upon expiration of Michael S.
McDevitt's employment agreement on February 8, 2012, the Company and Mr. McDevitt
have mutually agreed to the separation of his employment as
Medifast's Chief Executive Officer and Director, effective
February 8, 2012.
"The Board would like to thank Mike
McDevitt for his numerous contributions to the Company and
his role in our historical growth and success during his ten year
tenure at Medifast. Under his leadership, Medifast expanded its
facilities and significantly increased the growth of Take Shape for
Life, Medifast Weight Control Centers and Medifast Direct,"
commented Mr. Michael C. MacDonald,
Medifast's Executive Chairman of the Board. "We wish him well
in his future endeavors."
As previously announced, Mr. MacDonald, a Medifast Board member
since 1998, was appointed Medifast's Executive Chairman of the
Board on October 31, 2011, effective
November 4, 2011. Most
recently, Mr. MacDonald served as an Executive Vice President at
Office Max, Inc. where he led the Contract Division, a $3.6 billion business unit. Prior to Office Max,
Mr. MacDonald spent 33 years serving in a variety of senior
corporate officer positions for Xerox Corporation, including Senior
Vice President of Worldwide Operational Effectiveness, President of
Marketing Operations and Global Accounts and President of Xerox
North America. Among his most significant roles was leading the
turnaround in North America from
2000 to 2004, as President of the North American Solutions Group, a
$6.5 billion division of Xerox. Mr.
MacDonald also has international experience in marketing, sales and
operations with both Xerox and Office Max.
"I'm extremely pleased to have the opportunity to work with the
strong Medifast team and leverage my experience to enhance the
Company's strategic direction as we continue to make the necessary
infrastructure investments to support the Company's future
long-term growth," continued Mr. MacDonald. "We believe we are
early in the evolution of the expansion of our multichannel,
clinically proven weight-loss products and programs and look
forward to our next phase of growth."
About Medifast
Medifast, Inc. (NYSE: MED) is a leading provider of clinically
proven, portion-controlled weight-loss programs. Medifast has
been recommended by over 20,000 doctors and used by over one
million clients since 1980. The Company is committed to enriching
lives by providing innovative choices for lasting health. Medifast
programs have been proven effective through studies by researchers
from major university teaching hospitals. 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) medically supervised Medifast Weight Control
Centers, and 4) a national network of wholesale physicians and
medical practices. Medifast was founded in 1980 and is located in
Owings Mills, Maryland. For more
information, please visit http://www.choosemedifast.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 inability to attract and retain independent Associates
and Members, 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.