Medifast Inc. will complete its board overhaul by nominating as directors a former Avon executive and the president of alternative medicine supplement company Healthy Directions.
The moves come to satisfy activist investor Glenn Welling, who pushed Owings Mills-based weight-loss company Medifast (NYSE: MED) at the beginning of April to revamp its board. Welling owns 6% of Medifast through his California-based company, Engaged Capital LLC, and used his influence to shrink the company’s board of directors to nine people while removing eight existing directors.
In April, Welling and Medifast agreed to keep four directors and add three new directors. But they still had to agree on two more new directors. Those directors will be Scott Schlackman and Connie Hallquist, the company said Thursday.
Schlackman has experience in the direct-selling industry that makes up much of Medifast’s business. He held several executive roles for