Oprah Winfrey, the renowned talk show host and media mogul, is set to leave the board of WeightWatchers later this year, causing a significant drop in the company’s shares. The news was revealed in a report filed with the U.S. Securities and Exchange Commission, stating that Oprah had notified the chairman of WW International Inc.’s board of directors that she would not be standing for re-election at the company’s 2024 annual meeting of shareholders.
The filing clarified that Oprah’s decision was not due to any disagreement with the company’s operations, policies, or practices. However, her departure will result in a reduction of the board from 10 members to nine. This announcement comes at a challenging time for WeightWatchers, as it strives to turn a profit.
The impact of Oprah’s departure was immediately felt in the market, with WeightWatchers’ shares plummeting by 25.6% to $2.84 during premarket hours. This sharp decline reflects the significant influence that Oprah has had on the company’s success and public perception.
In a press release, Oprah expressed her commitment to continuing to support WeightWatchers and its CEO, Sima Sistani. She stated her intention to contribute to elevating the conversation around recognizing obesity as a chronic condition, reducing stigma, and advocating for health equity.
Oprah has been a member of WeightWatchers’ board since 2015 and has played a crucial role in shaping the company’s direction. As a gesture of her dedication, she has decided to donate her WW shares, which amount to 1.13 million shares worth $6.34 million as of January 1st, to the National Museum of African American History and Culture.
WeightWatchers acknowledged Oprah’s significant contributions over the past eight years and expressed gratitude for her presence on the board. Thilo Semmelbauer, chairman of the board, praised Oprah as an inspiring presence and passionate advocate for their members. He thanked her for her energy, dedication, and continued collaboration as a thought partner going forward. However, he also acknowledged that her absence would be deeply missed.
Oprah’s departure from WeightWatchers’ board marks the end of an era for the company. Her involvement has undoubtedly played a crucial role in its success and growth. As she moves on to new endeavors, it remains to be seen how WeightWatchers will navigate this significant change and continue its mission to support individuals in their weight loss journeys.
In conclusion, Oprah Winfrey’s decision to leave the WeightWatchers board has sent shockwaves through the company, causing a substantial drop in its shares. Her departure comes at a challenging time for WeightWatchers, which is striving to turn a profit. Despite stepping down from the board, Oprah has expressed her commitment to supporting the company and advocating for health equity. Her contributions over the past eight years have been invaluable, and she will be greatly missed by the board and members alike. As WeightWatchers faces this significant change, the future of the company remains uncertain.