Medifast Chief Executive Dan Chard to Step Down in June; Nicholas Johnson Named President as Operations Chief Exits

BALTIMORE, Md. -- January 5, 2026

Medifast, the parent of Optavia, said Chairman and Chief Executive Dan Chard plans to step down as CEO in June 2026 and will remain chairman of the board. The board appointed Chief Field Operations Officer Nicholas Johnson as president, effective immediately, and said he is expected to succeed Chard as CEO. In a regulatory filing, the company said Chard's transition to non-executive chairman takes effect June 1, 2026, and that his annual salary was cut to 800,000 dollars from 1 million dollars for the rest of his employment.

Medifast also said Chief Business Operations Officer Tony Tyree is leaving the company. Under a separation agreement, Tyree will receive a year's salary of 415,873 dollars and a target bonus of 291,111 dollars, among other benefits. Tyree's position was eliminated, according to the separation agreement. Johnson, who joined Medifast in 2018 as market president of Optavia USA after serving as vice president of sales and marketing at Nu Skin Enterprises, will add enterprise marketing, scientific and clinical affairs and product development to his oversight of the Optavia field and technology organizations, while Chief Financial Officer James Maloney will take on the supply chain.

"Over the past two years, we have repositioned the business, strengthened our scientific foundation, and reinforced the coach-led model that differentiates us," Chard said. Johnson said Medifast has "a clear mission, a differentiated model, and a strong community."