As Medifast’s CEO, Dan Chard had his work cut out for him from the start. In October 2016, Chard, a direct selling industry veteran, joined Medifast (MED) as CEO and board member. What is his occupation? Lead the health and Wellness Company’s transition to a new business model and help it expand.
However, getting there necessitated a complete reorganization of the firm. And Chard, 56, surmounted significant obstacles in establishing a new organizational attitude to fully realize Medifast’s promise.
Chard turned Medifast into a powerhouse in the business and a top performer. Medifast is currently the parent business of Optavia, one of the world’s fastest-growing health and wellness communities. Optavia helps individuals accomplish their health and wellness objectives by providing clinically validated programs, coaching, and a community.
Build Financial Wins Like The Medifast CEO
Medifast’s income increased by 240 percent under Chard’s leadership, from $274.5 million in 2016 to $934.8 million in 2020. From $1.49 in 2016, diluted earnings per share have more than quintupled to $8.68 in 2020. In 2020, a pandemic year, income increased by 31% over the previous year.
Medifast is also a huge winner among investors. Under Chard’s leadership, the company’s stock has increased by nearly 500 percent, compared to 107 percent for the S& P 500.
Keep Your Focus Like The Medifast CEO
Chard remained focused and confronted his difficulties head-on. According to Chard, Medifast’s decades-long history as a product maker and distributor stymied growth. All of the systems, procedures, and business attitudes were geared toward mass manufacturing rather than the demands of the consumers.
To ensure that workers were on board with the changes and the new company model, a dramatic realignment was required.
Medifast CEO: Motivate Employees
It’s crucial to keep staff motivated and demonstrate the benefits of the company’s transformation.
“You always need to enlist the support of a group of people that believe in the future and the vision,” Chard said. “And that was the initial focus — helping all of our workers understand why we were making that shift, what that change was, and how we could create trust and confidence in that new path.”
Find Your Inspiration
His mother is Chard’s source of inspiration. She was widowed at the age of 36, leaving her with four children to raise on her own.
Her tenacity and perseverance allowed her to overcome the difficulties that come with parenting children on her own. She instilled in them values that lasted with Chard for a long time, such as her passion for travel.
Upgrade Yourself Continuously
More change, according to Chard, is on the way. He does, however, take a minute to appreciate what has been accomplished.
“There has been a lot of success as a result of the shift,” he added. “In the previous five years, we’ve virtually increased the size of the company twice. At the same time, we’ve grown more lucrative and efficient.”