Join        Login             Stock Quote

Medifast (MED) Shares Off After Acting CFO's Resignation Plans

 December 26, 2012 10:22 AM

(By Balaseshan) Medifast Inc. (NYSE: MED), a seller of weight management products, shares fell more than 12% in early trade after its acting Finance Chief Edward Powers announced plans to resign.

On December 19, Edward Powers notified Medifast of his intent to resign from his position as acting Chief Financial Officer and principal accounting officer of the company, effective not later than January 4, 2013, to pursue other interests.

On an interim basis and in addition to his current duties, Joseph Kelleman, the company's Director of Finance - Supply Chain will act as Medifast's chief financial officer.

The company has been and is continuing to conduct a national search for the CFO position. Powers became acting Chief Financial Officer on November 13 after the resignation of Chief Financial Officer Brendan Connors.

[Related -Yahoo! Inc. (YHOO): Options Traders Brace For Shares In Yahoo To Extend Declines]

Powers joined Medifast as Senior Controller in 2011 with over 30 years of finance and accounting experience. He was Global Controller, Construction Group at Stanley Black & Decker Inc. (NYSE: SWK) from 2010 to 2011.

While at Stanley Black & Decker, Powers was also 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.

Medifast is engaged in the production, distribution, and sale of weight management and disease management products and other consumable health and diet products. Medifast's product lines include weight and disease management, meal replacement, and vitamins.

[Related -Medifast (MED): Timothy Robinson To Replace Kelleman As CFO]

MED is trading down 12.81% at $25.60 on Wednesday. The stock has been trading between 13.70 and $33.29 for the past 52 weeks.



Post Comment -- Login is required to post message
Alert for new comments:
Your email:
Your Website:

rss feed

Latest Stories

article imageAutomating Ourselves To Unemployment

In this current era of central planning, malincentives abound. We raced to frack as fast we could for the read on...

article imageFed: Waiting For June… Or Godot?

The Federal Reserve left interest rates unchanged yesterday, as widely expected. But the possibility of a read on...

article imageThe Single Best Place To Invest Your Money For Retirement

It was never supposed to be this daunting. At least that's what we were read on...

article imageNegative Blowback From Negative Interest Rates

The Federal Reserve is widely expected to leave interest rates unchanged today. But perhaps standing pat read on...

Popular Articles

Daily Sector Scan
Partner Center

Fundamental data is provided by Zacks Investment Research, and Commentary, news and Press Releases provided by YellowBrix and Quotemedia.
All information provided "as is" for informational purposes only, not intended for trading purposes or advice. iStockAnalyst.com is not an investment adviser and does not provide, endorse or review any information or data contained herein.
The blog articles are opinions by respective blogger. By using this site you are agreeing to terms and conditions posted on respective bloggers' website.
The postings/comments on the site may or may not be from reliable sources. Neither iStockAnalyst nor any of its independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. You are solely responsible for the investment decisions made by you and the consequences resulting therefrom. By accessing the iStockAnalyst.com site, you agree not to redistribute the information found therein.
The sector scan is based on 15-30 minutes delayed data. The Pattern scan is based on EOD data.