On March 19, 2026, Medifast, Inc. (NYSE: MED) announced a Cooperation Agreement with Steamboat Capital Partners LLC, which holds over 5% of the company's outstanding shares. Under this agreement, Medifast will nominate Parsa Kiai and Jeffrey Rose from Steamboat Capital as independent director candidates for election at the upcoming 2026 Annual Meeting of Stockholders, scheduled for May 19, 2026. This move comes as part of Medifast's strategy to enhance its board composition and governance practices. The agreement also stipulates that Medifast's current directors, Jeffrey Brown and Michael Hoer, will not seek reelection, while Dan Chard will continue as Chairman and CEO until June 1, 2026, when he will step down as CEO but remain as Chairman. Nicholas Johnson, the current President, is expected to succeed him as CEO. The Cooperation Agreement includes a standstill provision that restricts Steamboat from engaging in proxy solicitations and requires them to vote in favor of the board's nominees during the standstill period. This agreement is seen as a positive step towards improving Medifast's governance and aligning the interests of shareholders with the company's strategic direction.

Press Release distribution

National Press Distribution across U.S. Media. Direct Access to Key Decision Making Editors.