Medifast Adds Two Steamboat Capital Nominees to Board Slate in Cooperation Agreement

BALTIMORE, Md. -- March 20, 2026

Medifast, the parent of Optavia, said its board has agreed to nominate Parsa Kiai and Jeff Rose of Steamboat Capital Partners as independent director candidates at its 2026 annual meeting, provisionally scheduled for May 19, 2026, under a cooperation agreement with the investment firm, which owns more than 5 percent of Medifast's shares. Directors Jeffrey Brown and Michael Hoer will not stand for reelection.

Under the agreement, Steamboat and certain affiliates agreed to customary standstill and voting provisions through the company's 2027 annual meeting. Chairman and Chief Executive Dan Chard will still step down as CEO on June 1, 2026, and remain chairman, with President Nicholas Johnson expected to succeed him. Kiai is Steamboat's managing partner and chief investment officer, and Rose is its chief operating officer and chief financial officer.

"Our team remains focused on returning the company to profitability, growing our business and independent coach network, and maintaining a rigorous commitment to scientific innovation in this space," Chard said. Kiai said Steamboat believes "the market is significantly undervaluing the company's substantial financial and intrinsic assets as well as its long-term potential."