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"Michael McDevitt has earned the opportunity to lead Medifast to the next level of success as he has developed the operational and financial expertise and credibility both within and outside our company during the past five years. He has proven leadership and financial skills that surpass most executives in our industry and I look forward to working with him in the future to bring the Medifast brand and technology to a worldwide audience. We have now implemented the succession plan that was formulated by the Board of Directors in the first quarter of 2006," stated Bradley T. MacDonald, Executive Chairman of the Board.
New CEO, Michael S. McDevitt stated, "I look forward to the leadership challenge which I have been working diligently for during the last few years. I am excited about leading Medifast and all my passionate associates to combat the obesity epidemic with a clinically proven program and world class support services that will help people maintain their health long-term."
As part of the transition of management, McDevitt has promoted Margaret E. MacDonald, MBA, the former Executive Vice President of Operations to President and Chief Operating Officer. Ms. MacDonald was instrumental in building the manufacturing, customer service and distribution infrastructure that supported the Company's 80 percent revenue growth in 2006.
Under this new generation of leadership, Medifast will continue to develop the most cutting edge products in the industry on a diversified business platform that provides customers innovative choices for lasting health. Medifast serves customers through its direct to consumer web and call center channel, a national network of physicians and clinics, the Take Shape for Life network of health coaches and medically supervised Medifast Weight Control Centers. The fully integrated business units will continue to provide the diversified business engine that will fuel growth in the future and serve the needs of all our Medifast customers.
"I would like to thank Bradley MacDonald, our Executive Chairman of the Board for his operational contributions to the growth of Medifast. Under his executive leadership, Medifast has accomplished incredible milestones since the restructuring in 1999," stated Michael S. McDevitt.
Highlights of Mr. MacDonald's tenure since the company's turnaround in 1999 include the following.
-- Improved shareholder equity from minus $1 million to over $27 million in less than seven years by increasing annual revenues from $4.7 million to $73.5 million. -- The market cap of Medifast has increased from less than $1 million to over $100 million and the company has achieved over 28 quarters of consecutive profitability after restructuring the company to avoid bankruptcy. -- The company achieved national recognition from Forbes Magazine ranking Medifast 28th of the top 200 small cap companies in America. -- Mr. MacDonald received the prestigious award of "Entrepreneur of the Year" an independently audited program in the state of Maryland in 2006 in the consumer products category by Ernst and Young. -- Mr. MacDonald is the Co-founder of the Take Shape for Life network of Health Coaches that has developed into the second largest division of Medifast since 2002 -- Mr. MacDonald is also the co-author of the book "The Secret is Out, the Medifast Program, What physicians have always known about weight loss," which is the authoritative book on the use of Medifast for weight loss and long term health.
Mr. MacDonald and his family are the largest individual shareholders of Medifast, Inc. Mr. MacDonald has assumed the Executive Chairman of the Board duties outlined by the Board of Directors, which includes business development, international development, community relations and ongoing financial advisory duties to Medifast and its management team.
Additional Biographical Information on Bradley T. MacDonald Medifast Executive Chairman of the Board
Mr. MacDonald serves on the Board of Directors of the Wireless Accessories Group. He also serves on the Board of Directors of the Marine Corps Reserve Toys for Tots Foundation and is on the Board of Trustees of Villa Julie College of Stevenson, Maryland and the Institute of Notre Dame Baltimore, one of the oldest urban catholic girls high school in the nation.
Prior to joining Medifast, he was appointed as Program Director of the U.S. Olympic Coin Program of the Atlanta Centennial Olympic Games. Colonel MacDonald returned to active duty while serving as Commanding Officer of the fourth maintenance battalion to support operations Desert Storm, and later was appointed the Deputy Director and Chief Financial Officer of the retail, food, hospitality and recreation businesses for the United States Marine Corps. Prior thereto, Mr. MacDonald served as Chief Operating Officer of the Bonneau Sunglass Company, President of the Pennsylvania Optical Co., Chairman and CEO of MacDonald and Associates, which had major equity interests in a retail drug chain, consumer candy, and pilot sunglass companies. Mr. MacDonald served as national president of the Marine Corps Reserve Officers Association and retired from the United States Marine Corps Reserve as a Colonel in 1997, after 28 years of service. Continuing his public service to the nation, he was appointed by the Secretary of Defense and has served on the Defense Advisory Board for Employer Support of the Guard and Reserve (ESGR) from 2002 until 2006.
This release contains forward-looking statements, which may involve known, and unknown risks, uncertainties and other factors that may cause Medifast's actual results and performance in future periods to be materially different from any future results or performance suggested by these statements. Medifast cautions investors not to place undue reliance on forward-looking statements, which speak only to management's expectation on this date.
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SOURCE: Medifast, Inc.
CONTACT: Kerry O'neill of Warschawski, +1-410-367-2700, for Medifast
Web site: http://www.medifastdiet.com/