Medifast (MED) Can't Keep a CFO; Shares Tank

December 26, 2012 9:45 AM EST
Shares of Medifast, Inc. (NYSE: MED) are under heavy pressure early Wednesday after disclosing that just over a month after taking the job, Edward Powers announced plans to resign as interim Chief Financial Officer and principal accounting officer of the Company.

Powers will pursue other interests.

Mr. Powers became acting Chief Financial Officer on November 13, 2012 after the resignation of Chief Financial Officer Brendan Connors.

On an interim basis and in addition to his current duties, Joseph Kelleman, the Company's Director of Finance – Supply Chain will act as the Company's chief financial officer.

Shares of MED last traded at $26.73, down 9 percent.

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