Nutrisystem (NTRI) Won't Renew Employment Contract with CEO, Chairman Redling; Hagan Named Non-Exec Chair

Nutrisystem (Nasdaq: NTRI) today announced that the Company and Joe Redling, chairman and chief executive officer, will not seek to renew Mr. Redling’s employment contract as chief executive officer when it expires at the end of September 2012. In addition, Mr. Redling will step down as chairman of the company’s board of directors, effective immediately.

Mr. Redling will continue as Nutrisystem’s CEO until September 30, 2012 or the earlier appointment of his successor. He will remain on the Nutrisystem board of directors and will stand for re-election at the company’s annual meeting of stockholders in June 2012, but will step down from the board of directors at the end of his employment period. Michael J. Hagan has been named non-executive chairman of the board of directors, effective immediately, and will lead the search for a new CEO to replace Mr. Redling.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Boeing names Ryan Shedd as new SVP and controller
• J.M. Smucker names Jeff Varcoe as SVP of Science and Technical
• Qnity Electronics names Ken Rizvi as CFO, effective October 1