Medifast replaces CEO with industry veteran
Weight loss company Medifast Inc. has replaced CEO Michael MacDonald with a veteran of the direct selling industry, the Owings Mills firm said Monday. Daniel R. Chard became CEO and a member of Medifast’s board Monday, the company said in an announcement after the stock market closed. MacDonald, a board member since 1998 and CEO since February 2012, will remain with the company as executive chairman. Chard, former president and COO of PartyLite, an affiliate of a portfolio company of The Carlyle Group, was chosen by a search committee led by MacDonald and Glenn Welling, a Medifast independent director. MacDonald said the management changes come at a time of transition for the company. It has launched new products under the Optavia brand, which are sold by health coaches who work with clients through Medifast’s Take Shape For Life subsidiary. Maryland Live, recently invested $250 million in two hotels near the casino’s Arundel Mills location. A state consultant projected in 2013 that the casino could lose 16 percent of its market share by 2019 after MGM opens. But Maryland Live has defied such projections before. Prior to the Horseshoe Casino opening in 2015, Cummings Associates projected that the Hanover casino would lose some 15 percent of its business. In the last fiscal year Maryland Live brought in more than $650 million in revenue — twice that of Horseshoe. supervisor, she was fired. Plastipak told the temporary agency the firing was in her “best interest,” according to the lawsuit.
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