CEO Joe Redling Appointed Chairman of the NutriSystem Board of Directors
14 Noviembre 2008 - 3:30PM
Business Wire
NutriSystem, Inc. (NASDAQ:NTRI), a leading provider of weight
management products and services, announced today that Joe Redling,
NutriSystem�s President and CEO, was unanimously elected by the
Board to serve as Chairman. NutriSystem also announced today that
Mike Hagan, the Company�s non-executive Chairman, will step down
from the Board of Directors, effective immediately. �Mike Hagan has
been a great partner and a true friend, and has played an
instrumental role in building this business over the last six years
into one of the leading weight management companies in the world,�
said Mr. Redling. �Mike has also been a valuable resource in recent
months as our new management team developed and began to execute
our strategic growth plans. On behalf of the entire board and all
our NutriSystem employees, I want to thank Mike for his many
contributions and for helping to lay a firm foundation for future
success.� �It has been an honor and a privilege to work side by
side with the many talented people here at NutriSystem over the
past six years and I�m proud of what we accomplished,� said Mr.
Hagan. �With the Company moving forward under a talented new
leadership team, it is now time for me to pursue new
entrepreneurial frontiers. I have complete confidence in Joe and
his team and feel strongly that the Company�s best days are ahead
of us.� Mr. Hagan served as NutriSystem�s Chairman and CEO from
December 2002 through April 2008. He led the company�s shift to an
exclusive direct to consumer strategy. During his tenure Revenues
increase from $28 million to over $700 million annually. Prior to
joining NutriSystem, Mr. Hagan was the co-founder of Verticalnet,
Inc., a business to business internet and software company, and
held a number of executive positions at Verticalnet, Inc. Mr. Hagan
is a director of Internet Capital Group, Inc. About NutriSystem,
Inc. Founded in 1972, NutriSystem (NASDAQ:NTRI) is a leading
provider of weight management and fitness products and services.
The Company offers a weight loss program based on
portion-controlled, lower Glycemic Index prepared meals. The
program has no membership fees and provides free online and
telephone counseling. Forward-Looking Statement Disclaimer This
press release may contain forward-looking statements that are made
pursuant to the safe-harbor provisions of the Private Securities
Litigation Reform Act of 1995. Statements regarding NutriSystem�s
outlook and guidance for the first quarter 2008, free cash flow
generation, its expectations regarding the effect of economic and
competitive pressures, marketing efficiency, statements about the
benefits to be achieved from investments made in 2007, and from
share repurchases, and other statements that are not statements of
historical fact constitute forward-looking statements. These
forward-looking statements involve a number of risks and
uncertainties, which are described in NutriSystem, Inc.'s Annual
Report on Form 10-K and its other filings with the Securities and
Exchange Commission. The actual results may differ materially from
any forward-looking statements due to such risks and uncertainties.
NutriSystem, Inc. undertakes no obligation to revise or update any
forward-looking statements in order to reflect events or
circumstances that may arise after the date of this release.
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