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Medifast slumps as acting CFO resigns

[December 27, 2012]  NEW YORK (AP) -- Shares of Medifast plunged 13 percent Wednesday after the weight-loss company announced the resignation of its acting chief financial officer, the second person to resign as CFO in less than two months.

Edward Powers notified the company last week that he would resign on Jan. 4. He took over on Nov. 13 for CFO Brendan Connors, who also resigned. Medifast said only that Powers was stepping down to pursue other interests. He joined Medifast as senior controller in 2011 and previously worked as global controller of the construction group at Stanley Black & Decker Inc. Medifast said it is continuing to look for a new CFO, and Joseph Kelleman, the director of finance for its supply chain, will serve as acting CFO. Shares of Medifast Inc., based in Owings Mills, Md., fell $3.80 to $25.56. [Associated Press] Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.