Activist investor and previous board member Glenn Welling, along with his fund Engaged Capital LLC, has taken a 15 percent stake in Medifast, according to SEC filings. Entities of Engaged Capital have spent $107.5 to buy 1.16 million shares of Medifast (NYSE: MED) since September, giving the fund itself a 9.9 percent stake. Other agreements push Welling’s stake up to 1.74 million shares to represent the 15 percent stake. In 2016, Welling played a key role in hiring Dan Chard as CEO, succeeding Michael MacDonald, who remains executive chairman.
Engaged Capital Takes 15 Percent Stake in Medifast
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