Oprah Winfrey leaving WeightWatchers board, shares drop
Oprah Winfrey to exit WeightWatchers board in May, donating shares
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Oprah Winfrey is leaving the WeightWatchers board.
The move comes after the talk show host said last year that she uses prescription medication to manage her weight.
The details, disclosed in a filing with the Securities and Exchange Commission, said that Winfrey notified the chairman of WW International Inc.'s board of directors "that she would not be standing for re-election as a member of the Board at the Company's 2024 annual meeting of shareholders," which is currently slated for May 9.
Shares tumbled more than 20% on the news.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WW | WW INTERNATIONAL INC. | 0.84 | +0.03 | +3.12% |
"Her decision was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices," the filing reads. As a result of her departure, the board will be reduced from 10 members to nine.
Oprah Winfrey is leaving the WeightWatchers board, effective in May. (Axelle/Bauer-Griffin/FilmMagic / Fox News)
Winfrey, who has publicly shared her weight journey and struggle throughout her career, sported a trimmed-down figure over the past year, raising questions about whether she was using popular weight-loss drugs such as Ozempic and Wegovy, made by Novo Nordisk.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NVO | NOVO NORDISK A/S | 134.73 | +2.64 | +2.00% |
In December, she disclosed to People magazine that she was taking a prescription, without naming the medication.
Oprah Winfrey attends the world premiere of Warner Bros.' "The Color Purple" at the Academy Museum of Motion Pictures in Los Angeles on Dec. 6, 2023. (Kayla Oaddams/WireImage)
The loss of the hugely popular public figure from its board comes at a time when WW is struggling to turn a profit.
"I look forward to continuing to advise and collaborate with WeightWatchers and CEO Sima Sistani in elevating the conversation around recognizing obesity as a chronic condition, working to reduce stigma, and advocating for health equity," Winfrey said Wednesday in a press release.
Oprah Winfrey is seen on stage during her 'An Evening With Oprah' tour at Allphones Arena in Sydney on Dec. 12, 2015. (Don Arnold/WireImage)
Shares are down over 66% this year.
OPRAH WINFREY ADMITS TO USING WEIGHT LOSS MEDICATION: 'IT FELT LIKE REDEMPTION'
Oprah Winfrey plans to continue to support WeightWatchers, according to a statement. (Elyse Jankowski/Variety / Fox News)
Winfrey has been a board member since 2015 and will donate her WW shares to the National Museum of African American History and Culture, the company said.
She owned 1.13 million shares worth $6.34 million as of Jan. 1, LSEG data showed.
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WeightWatchers on Wednesday announced that Oprah Winfrey will no longer be a member of its board. (Rich Polk/Golden Globes 2024/Golden Globes 2024 / Fox News)
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"Oprah has been an inspiring presence and passionate advocate for our members, providing critical insights and counsel that has helped shape WeightWatchers over these last 8 years," Thilo Semmelbauer, chairman of the board, said in the news release. "On behalf of the Board, I would like to thank her for her energy, dedication, and for continuing to play a role as collaborator and thought partner going forward. What I know for sure, we will dearly miss her presence on the Board."
Reuters contributed to this report.