Oprah Winfrey is leaving the board of Weight Watchers, dealing a new blow to a firm trying to compete with the popularity of weight-loss medications.
The US star, who has served on the company’s board since 2015, has announced that she will not run for re-election at the next shareholder meeting in May.
Oprah Winfrey To Leave Board Of Weight Watchers
Ms Winfrey recently admitted that she used weight-loss medications as a “maintenance tool.”
Weight Watchers International shares plunged 27% in extended New York trading.
Ms. Winfrey stated that she will continue collaborating with Weight Watchers “in elevating the conversation around recognizing obesity as a chronic condition.
“The prominent talk show host and businesswoman also stated that she would donate all of her shares in the company to the National Museum of African American History and Culture.
Ms Winfrey is one of the companies largest stockholders, with a stake of roughly 10%.When Ms
Oprah Winfrey To Leave Board Of Weight Watchers
Winfrey began working for the company about a decade ago, she joined the Weight Watchers program and shared her experiences with other members. She had previously spoken publicly about her struggles with weight.
Her decision to leave the board comes as the company grapples with a significant shift in the weight-loss industry with the introduction of anti-obesity medications such as Wegovy and Saxenda.
The company also released its most recent financial results on Tuesday, which revealed a net loss of $88.1 million (£69.6 million) for the last three months of 2023, more than double the previous year’s number.
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Oprah Winfrey To Leave Board Of Weight Watchers
In March 2023, the firm stated that it would acquire digital health company Sequence “as a natural step” given “advances in chronic weight management medications.”
Sequence touts itself as a weight loss programme that provides various services to its users. In addition to assistance from fitness trainers and dietitians, it can prescribe medications like Ozempic and Wegovy.
Weight Watchers CEO Sima Sistani said the $132 million deal would benefit members from the company’s approach to “nutrition and behavior change” and prescription drugs.
SOURCE – (BBC)
