In a significant blow to Weight Watchers International, Oprah Winfrey has declared her decision to step down from the company’s board, a position she has held since 2015.
The move comes as the weight-management giant faces stiff competition from the rising popularity of weight-loss drugs in the market.
Shares of Weight Watchers International dropped by 27% in extended New York trade following the announcement of Winfrey’s departure.
The influential talk show host revealed that she will not stand for re-election at the upcoming shareholder meeting scheduled for May.
Winfrey, who recently disclosed using weight-loss drugs as a “maintenance tool,” expressed her commitment to continue working with Weight Watchers to elevate the conversation around recognizing obesity as a chronic condition.
Despite her departure from the board, Winfrey remains one of the largest shareholders in the company, holding a stake of approximately 10%.
In a philanthropic gesture, Oprah Winfrey announced that she would donate all her shares in Weight Watchers to the National Museum of African American History and Culture.
When Winfrey initially joined forces with Weight Watchers nearly a decade ago, she shared her personal journey with the Weight Watchers program, becoming an advocate for healthy living and weight management.
Her departure from the board coincides with a challenging period for the company, grappling with the impact of anti-obesity drugs like Wegovy and Ozempic, which have disrupted the traditional weight-loss industry.
Weight Watchers International reported a net loss of $88.1 million (£69.6 million) for the last quarter of 2023, more than double the losses incurred during the same period the previous year. In a strategic move, the company had announced the acquisition of digital health company Sequence in March 2023, positioning itself to adapt to the evolving landscape of chronic weight management medications.
Oprah Winfrey’s departure from Weight Watchers’ board underscores the challenges facing traditional weight management programs in a dynamic market influenced by pharmaceutical interventions.
Chioma Kalu
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