The famous US presenter, who has been on the company’s board since 2015, said she would not stand for re-election at the next shareholder meeting in May
Oprah Winfrey is stepping down from the board of Weight Watchers, in a development that will deal another blow to the company as it tries to compete with the popularity of weight-loss drugs.
The famous US presenter, who has been on the company’s board since 2015, said he would not run for re-election again at the next shareholder meeting in May.
Oprah Winfrey recently revealed that she used weight loss drugs as a “maintenance tool.” Shares of Weight Watchers International fell by 27%.
However, she said she will continue to work with Weight Watchers “to strengthen the conversation around the recognition of obesity as a chronic condition.”
The presenter and entrepreneur also said that will donate all of her stock in the company to the National Museum of African American History and Culture.
Winfrey is one of its largest shareholderss Weight Watchers with a percentage of about 10%.
When the presenter started working with the company almost a decade ago, she joined the Weight Watchers program and shared her experiences with other members. She has previously spoken publicly about her struggles with weight.
Her decision to step down from the board comes as the company faces a major challenge in the weight loss industry following the launch of anti-obesity drugs such as Wegovy and Saxenda.
Also Tuesday, Weight Watchers released its latest financials, which showed a net loss of $88.1 million for the last three months of 2023, more than double from the same period of the previous year.
In March 2023, the company announced it would buy digital health company Sequence “as a natural step” given “advances in chronic weight management drugs.”
The Sequence is a weight loss program that offers a number of services to its subscribers. In addition to advice from fitness trainers and nutritionists, he can also prescribe medications such as Ozempic and Wegovy.
Weight Watchers chief executive Sima Sistani said the $132 million deal would allow members to benefit from both its “nutrition and behavior change” approach and prescription drugs.
Source :Skai
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