Medifast's Acting CFO Resigns After a Month on the Job (MED)

Medifast's Acting CFO Resigns After a Month on the Job

Don't let it get away!

Keep track of the stocks that matter to you.

Help yourself with the Fool's FREE and easy new watchlist service today.

Click Here Now

Medifast's (NYSE: MED ) acting CFO Edward Powers has only been on the job for a little over a month, and he's already resigning. Powers took the job from Brendan Connors on Nov. 13 after Connors resigned his CFO post.

Connors had been on the job for seven years and the company issued a press release thanking him for his service; for his month of service, Powers got only an SEC filing announcing his resignation.

Powers' resignation is effective Jan. 4, 2013. He had worked at Medifast since 2011 when he joined the company as senior controller. Prior to that, he worked at Stanley Black & Decker (NYSE: SWK ) from 2006-2011 in various roles culminating as global controller of the construction group.

The company said both men had resigned to "pursue other interests." Bloomberg reports that a Medifast spokesman said Powers is leaving to take a job at another company.

Medifast's director of finance-supply chain, Joseph Kelleman, will take on the CFO duties in addition to his current responsibilities while the company continues its search for a new CFO.

Two resignations in as many months have investors spooked. Shares fell as much as 13% on Wednesday after the SEC disclosure.

Jeff Fischer and team have demystified options. And they can rack up income like $1,030... $2,626... and $3,228 on a schedule you can set your watch by!
That's why we're glad to announce every single one of their closely guarded strategies is available to YOU during May and June – 100% FREE, no strings attached! Just enter your email address in the box below...

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment icon found on every comment.