Fort Washington, Penn.-based Nutrisystem (NTRI +0.00%) has a new chief financial officer. On Thursday morning, the diet and nutrition company announced it has hired Michael P. Monahan to become its CFO effective May 22.
At first glance, it seems an unusual choice for a food company, since Monahan served as CFO of PetroChoice Holdings, a privately held distributor of industrial, commercial, and automotive lubricants, since 2009. But in fact, he's an old hand at Nutrisystem. From 2006 to 2009, he served as Nutrisystem's vice president of finance.
Welcoming him back to the fold, CEO Dawn Zier said: "We are pleased that Mike has rejoined the company as Chief Financial Officer. He was universally respected during his previous tenure with the company and is a natural fit for us. He knows our business and saw firsthand the innovation and direct consumer response discipline that propelled the company during our growth phase. His perspective and financial expertise will be invaluable as we work to execute our turnaround plan."
Investors appear to agree. Nutrisystem shares are on the upswing this morning in response to the news, rising 2.2% to past $8 a share.
