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

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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.

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Brian Orelli

Dr. Orelli is a Senior Biotech Specialist. He has written about biotech, pharmaceutical, and medical device companies for The Motley Fool since 2007.

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Related Tickers

10/2/2015 4:02 PM
MED $27.02 Up +0.32 +1.20%
Medifast, Inc. CAPS Rating: ***
SWK $97.46 Up +0.84 +0.87%
Stanley Black & De… CAPS Rating: *****