Former Chairman and CEO Mike Hagan to Rejoin Board of Directors
Fort Washington, Penn. (February 22, 2021) — Nutrisystem, the preeminent direct-to-consumer nutrition and weight management brand, today announced that Stephen Mikulak has been named the company’s new President, effective immediately.
Mr. Mikulak was previously Nutrisystem’s Chief Revenue Officer and has been a leader in the company’s marketing organization since 2014. He is an experienced marketing and digital executive with a track record of business transformation and driving strategic planning, data analytics, attribution, business development, and P&L management across multiple brands and products. Prior to joining Nutrisystem in 2014, Mr. Mikulak held management positions in leading direct-to-consumer companies, including Reader’s Digest Association, AIG and American Express Publishing.
Bob Sperry, a Partner at Kainos Capital, a private equity firm specializing in food and consumer businesses that acquired Nutrisystem in December of last year, said, “We are very excited to promote Steve Mikulak to serve as President of Nutrisystem. During the past several months, we have been consistently impressed by his deep knowledge of the business, drive, and vision for the future. Steve is a natural leader and top performer who we believe is the ideal person to lead Nutrisystem at this important time in its 45-year history. We look forward to continuing to work closely with Steve and the entire Nutrisystem team to pursue a wide range of attractive growth opportunities as we seek to build a leading health and wellness platform.”
Mr. Mikulak said, “I am honored to be appointed Nutrisystem’s new President. Our company has a wonderful legacy of helping millions of consumers manage their health and an exceptional opportunity to build upon that under our new ownership structure. It is particularly gratifying to receive this vote of confidence from our new partners at Kainos Capital who have a strong history of accelerating the development of high-quality companies in the health and wellness space and the consumer sector generally. I’m ready to lead our management team and all of our colleagues toward a promising future for Nutrisystem.”
Nutrisystem also announced today that Mike Hagan, who served as the company’s Chairman and CEO from 2002 to 2008, will rejoin its Board of Directors. With Mr. Hagan at the helm, Nutrisystem grew from approximately $20 million to over $700 million in revenue. Following his time at Nutrisystem, Mr. Hagan served as President of LifeShield, LLC, a Division of DIRECTV, and is currently Co-Founder and Managing Partner of Hawk Capital.
Andrew Rosen, Managing Partner of Kainos Capital, said, “We are thrilled to welcome Mike Hagan back to the Nutrisystem family as a member of our Board. Mike is one of the formative leaders of Nutrisystem, and the Board and management team will benefit greatly from his experience, mentorship and strategic counsel.”
Nutrisystem is a leader in the weight management industry, having helped millions of people lose weight and live healthier, happier and more active lives over the course of more than 45 years. Nutrisystem offers safe, effective and scientifically backed weight loss plans, with distinguished clinical studies and plans that include counseling support and counseling options from trained weight loss coaches, registered dietitians and certified diabetes educators available seven days a week from an award-winning contact center. For more information, visit www.nutrisystem.com.
About Kainos Capital
Kainos Capital is a middle market private equity firm with an exclusive focus on the food and consumer products sectors. The Kainos team has extensive investment and operating experience in the industry, having invested over $2 billion of equity in more than 75 transactions with a total transaction value in excess of $11 billion. The firm’s strategy is to build a diversified portfolio of growing and strategically relevant food and consumer businesses that trade buyers would like to acquire. For more information, visit Kainos Capital’s website at www.kainoscapital.com.