Company Hires Executive with Proven Ability to Develop Companies into Industry Leaders
Experienced Executive to Focus on Profitable Revenue Growth Opportunities
FORT LAUDERDALE, Fla., Dec. 30 /PRNewswire-FirstCall/ -- eDiets.com, Inc (Nasdaq: DIET), a leading provider of convenient at-home diet, fitness and healthy lifestyle solutions, has appointed Kevin N. McGrath as the company's new President and CEO, effective immediately. Stephen Rattner, who served as eDiets CEO since November 2007, will now serve as Executive Vice President of Corporate Services.
Mr. McGrath brings to eDiets over 30 years of successful executive experience. Prior to joining eDiets, Mr. McGrath was President and CEO of Digital Angel Corporation, a manufacturer of animal identification products and satellite based search and rescue equipment. During his three and half year tenure, Digital Angel doubled revenue, improved margins, lowered costs and merged the company into Applied Digital Solutions in 2007. Prior to Digital Angel, Mr. McGrath was Chairman and CEO of DIRECTV Latin America, the largest pay television provider in Latin America. Mr. McGrath was one of the founders of DIRECTV and grew the DIRECTV Latin America business from concept stage to becoming the largest pay television provider in Latin America by generating tremendous revenue growth with key partnerships, and implementing infrastructure required for profitable growth during his six year tenure. DIRECTV Latin America was acquired by New Corporation in 2003. Additionally, Mr. McGrath has two decades of experience at General Motors, Electronic Data Systems Corporation and Hughes. Mr. McGrath graduated from Princeton University and holds a Masters in Business Administration from the Amos Tuck School at Dartmouth College.
"We are very excited to have a proven leader with a long track record of successfully building industry leading subscription and b2b businesses profitably, become the CEO of eDiets," commented Mr. Kevin Richardson, chairman of eDiets. "Kevin McGrath is very familiar with our business model and has the experience and proven discipline needed to return our company to strong positive cash flow and profitable growth."
"I am very eager to begin this tremendous opportunity as CEO of eDiets," commented Kevin McGrath. "This Company is well positioned to return to profitable growth and I am committed to expand the Company's market presence and leverage its core strengths in order to achieve the results this company is capable of producing. I believe my background of building companies into market leaders while maintaining strict cost controls will serve shareholders well in the coming years."
"I am pleased that Stephen Rattner will be leading our Corporate Services," continued Mr. McGrath. "Stephen brings over ten years of experience and relationships to this segment of our business and the Board and I believe with Stephen's dedication, this segment has the ability to become one of the fastest growing and most profitable parts of the Company."
eDiets.com, Inc. is a leading provider of personalized nutrition, fitness and weight-loss programs. eDiets currently features its award-winning, fresh-prepared diet meal delivery service as one of the more than 20 popular diet plans sold directly to members on its flagship site, www.eDiets.com. The company also provides a broad range of customized wellness and weight management solutions for Fortune 500 clients. eDiets.com's unique infrastructure offers businesses, as well as individuals, an end-to-end solution strategically tailored to meet its customers' specific goals of achieving a healthy lifestyle. For more information, please call 310-954-1105 or visit www.eDiets.com.
Safe Harbor Statement
Statements which are not historical in nature are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties which could cause the actual results, performance or achievements to be materially different from those which may be expressed or implied by such statements. These risks and uncertainties include, among others, that we will not be able to obtain sufficient and/or acceptable outside financing (when and if required); changes in general economic and business conditions; changes in product acceptance by consumers; a decline in the effectiveness of sales and marketing efforts; loss of market share and pressure on prices resulting from competition; marketing plans, and product development to remain competitive with other online providers of healthy living and weight loss plans, many of which may be found to offer superior and more varied features than our plans and may also be offered for free; volatility in the advertising markets; any delay, disruption, or suspension of our supply of prepared meals from our vendor; changes in consumer preferences and discretionary spending; product liability and other risks from the sale of ingested products; regulatory actions affecting our marketing activities; and the outcome of litigation pending against us. For additional information regarding these and other risks and uncertainties associated with eDiets.com's business, reference is made to our Annual Report on Form 10-K for the year ended December 31, 2007, and other reports filed from time to time with the Securities and Exchange Commission. All forward-looking statements are current only as of the date on which such statements are made. We do not undertake any obligation to publicly update any forward-looking statements.
SOURCE eDiets.com, Inc.