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Medifast, Inc. Announces Executive Management Change

Stocks in this article: MED SWK

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.

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