Nutrisystem temporarily extends CEO contract
FORT WASHINGTON, Pa. (AP) — Nutrisystem Inc. said Thursday that it has extended the contract of its current CEO Joe Redling until Nov. 2, but continues to hunt for a permanent replacement.
The weight management company announced in April that it would not renew Redling's contract when it expired on Sept. 30.
The company expects to find a new CEO soon, said Nutrisystem's Chairman Mike Hagan.
Redling joined the company in 2007 as president and chief operating officer and became CEO the following year.
Nutrisystem has struggled due to higher costs and intense competition. It is hoping new promotions and other efforts will draw more clients.
Shares of the company, which is based in Fort Washington, Pa., were unchanged at $10.66 on Thursday.