Health
WeightWatchers CEO Who Oversaw Diet Company’s Move Into Weight Loss Drugs Abruptly Leaves Role
NEW YORK — WeightWatchers is reorganising its leadership.
WW International stated on Friday that CEO Sima Sistani would resign her position effective immediately. Tara Comonte, a WeightWatchers board member and former Shake Shack executive, was appointed temporary CEO.
The New York-based weight loss company did not divulge the reasons for the abrupt shift, but did state that Comonte will take over as CEO at a time when the company is “focused on improving its operational and financial performance.”
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WeightWatchers CEO Who Oversaw Diet Company’s Move Into Weight Loss Drugs Abruptly Leaves Role
WeightWatchers, which was started over 60 years ago, has recently faced some challenges. Its most recent earnings reports indicated declining income and increased costs due to restructuring initiatives. Its stock has likewise declined over time. WW shares have fallen more than 90% in the previous year; they are now traded as a penny stock and closed at approximately 83 cents on Friday.
Sistani became CEO of Weight Watchers more than two years ago. During her tenure, she oversaw the company’s recent expansion into the prescription drug weight loss market, most notably the $106 million acquisition of Sequence, now WeightWatchers Clinic, a telehealth service that lets customers obtain prescriptions for drugs such as Ozempic, Wegovy, and Trulicity.
Before joining Weight Watchers, Sistani co-founded Houseparty, a now-defunct social networking software that provided group video conferencing. Sistani was a top leader at Epic Games before becoming CEO of Houseparty.
Comonte joined the Weight Watchers board in June 2023. She was most recently the CEO of reproductive startup TMRW Life Sciences, having previously served as president and CFO of Shake Shack. Aside from her present position at WeightWatchers, she also serves on the boards of Kindbody and Strava, according to the firm.
In a statement, Comonte said she was excited to collaborate with WeightWatchers leadership “as we advance the company’s strategy to expand access and care during this critical period of our transformation.”
WeightWatchers CEO Who Oversaw Diet Company’s Move Into Weight Loss Drugs Abruptly Leaves Role
Weight Watchers downsized its board from ten to nine members earlier this year, after popular talk show presenter Oprah Winfrey resigned. Winfrey, who had been on the Weight Watchers board since 2015, announced in February that she would resign and transfer her entire stake to the National Museum of African American History and Culture, which is part of the Smithsonian Institution in Washington.
Winfrey made the decision after telling People magazine that she will be using weight-loss medication in December 2023. At the time of her departure, the business stated that Winfrey wanted to “eliminate any perceived conflict of interest.”
SOURCE | AP
