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| Medifast's board is shaking it up |
Among those losing their seats at the table are company president Margaret "Meg" Sheetz and executive veep and general council Jason Groves, both of whom will retain their C-suite jobs.
Sheetz is the daughter of former CEO Bradley MacDonald and niece of current CEO Michael MacDonald, which has to be a funny coincidence. I mean, it's not like Moe's Pizza where you can just make your son the manager.
The bottom line for Medifast is that the board will now be professionalized with national heavyweights who could help the company be more competitive against Weight Watchers, Nutrisystem and Jenny Craig. New board members are expected to bring more sophisticated skill sets to Medifast in key areas such as marketing and finance.
The new board will also focus on growing Take Shape for Life, the direct selling arm of Medifast which is perceived to have the highest potential for growth. (Fortunately, growing bigger is good when you're a company or small child.)
Meanwhile, Medifast CEO MacDonald acted like he was planning to make changes to the board all along, but he was kind of hurried into it by some activist investors who couldn't understand why a company with such a great business model and no debt made less money in 2014 than the year before. It's not like people stopped going on diets or the economy sucked worse than usual.
We don't know what effect the new board members will have on Medifast, but we're hoping it will be good.
For starters maybe they should guide the company to ditch dumb ideas like $42 a pound popcorn; create irresistible food options at fair prices; offer free shipping with a smaller minimum purchase; and handsomely reward all the hard working TSFL health coaches who bring in the clients and revenue.
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