Activist Client Engaged Capital Adds Five Directors to the Board of Medifast
The Wall Street Journal and other media sources, including Baltimore Business Journal, The Baltimore Sun and Seeking Alpha, reported that Olshan client, Engaged Capital, has reached an agreement with Medifast, Inc. regarding the structure and composition of Medifast’s Board of Directors. Under the agreement, Medifast agreed to appoint five new directors to the Board, including three Engaged Capital designees and two additional independent directors to be mutually agreed upon by Engaged Capital and Medifast. Medifast also committed to eliminate its classified Board structure and provide for the annual election of directors commencing with the 2015 Annual Meeting. Steve Wolosky and Ryan Nebel represent Engaged Capital in connection with its investment in Medifast and the negotiation of the agreement.