Oprah Winfrey, the renowned media mogul and philanthropist, has announced her departure from the board of WeightWatchers after nearly a decade of service. The decision comes amidst fierce competition from Ozempic, a GLP-1 prescription drug used for weight loss. While the reason for Winfrey’s departure was not disclosed, WeightWatchers assured shareholders that it was not due to any disagreement or issues with the company’s operations.
WeightWatchers CEO, Sima Sistani, expressed gratitude for Winfrey’s contributions and acknowledged her as an inspiring presence and passionate advocate for weight health. Despite stepping down from the board, Winfrey will continue to collaborate with WeightWatchers and Sistani in promoting awareness of obesity as a chronic condition, reducing stigma, and advocating for health equity.
In addition to leaving the board, Winfrey will be divesting her significant stake in the company. She plans to donate all of her stock to the National Museum of African American History and Culture, furthering her commitment to philanthropy and cultural preservation.
The news of Winfrey’s departure had a significant impact on WeightWatchers’ stock value. Shares plummeted by as much as 25% in premarket trading and are currently down nearly 70%. This unexpected exit comes a year earlier than anticipated, as Winfrey had signed an extension until 2025 in 2019.
Winfrey’s involvement with WeightWatchers began in 2015 when she joined the board and acquired a 10% stake in the struggling company. Her association brought newfound relevance to WeightWatchers as more individuals sought easier dieting alternatives rather than traditional point-counting methods.
However, WeightWatchers has faced mounting competition from GLP-1 prescription drugs like Ozempic and Wegovy, which are increasingly being used for weight loss. To combat this challenge, the company introduced a new membership plan tailored to individuals on these medications. The plan provides access to doctors who can prescribe the drugs, daily nutrition plans, insurance coordination, and other weight loss support programs.
Furthermore, WeightWatchers made a strategic move last year by acquiring Sequence, a telehealth business specializing in virtual prescriptions for weight loss drugs. This $100 million-plus deal aimed to enhance the company’s offerings and provide patients with convenient access to these medications when appropriate.
Interestingly, Winfrey herself revealed in an interview with People Magazine in December that she had incorporated a weight-loss medication into her regimen. However, she did not disclose which specific drug she was using.
As Oprah Winfrey bids farewell to WeightWatchers’ board, her departure marks the end of an era for the company. While challenges from competing weight loss solutions persist, WeightWatchers remains committed to its mission of supporting individuals on their weight loss journeys. With the continued collaboration between Winfrey and CEO Sima Sistani, the conversation surrounding obesity as a chronic condition and the pursuit of health equity will undoubtedly endure.