(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.
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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.
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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.