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U.S. Securities and Exchange Commission
Medifast to overhaul board of directors after activist shareholder pressure
Medifast to overhaul board of directors after activist shareholder pressure

Owings Mills-based Medifast Inc. announced Monday that it would overhaul its board of directors under pressure from an activist investment firm, removing eight directors and adding five. Medifast, which makes weight-loss programs and products, is seeking to break into international markets and expand its national reach as it copes with growing competition from technology-driven diet programs on smartphones and other gadgets. CEO Michael MacDonald, who will continue as chairman, said the new board would help the company reach those goals. The board members who are being replaced "were good board members but didn't have the national experience or exposure that these guys were...

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