Oprah Winfrey has announced that she is leaving WeightWatchers' board after almost 10 years, according to Variety. This announcement followed her disclosure of taking weight-loss medication.
The media mogul informed the company this week of her decision to not stand for reelection at the planned May 2024 annual shareholders' meeting. Winfrey has served on the board of WeightWatchers since 2015 when she obtained a 10% stake in the company.
Oprah Winfrey and WeightWatchers: The end of an era?
In a statement, she said, “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 told People in December 2023 that she decided to start taking a weight-loss drug that she did not identify. She said she realized that weight management isn't simply up to one's self-control.
“The fact that there's a medically approved prescription for managing weight and staying healthier, in my lifetime, feels like relief, like redemption, like a gift, and not something to hide behind and once again be ridiculed for,” she said.
WeightWatchers and Winfrey agreed that the talk show host “will not engage in any other weight loss or weight management business, program, products or services” during her relationship with the company as well as a year after, according to WeightWatchers' SEC filings.
Winfrey donates WeightWatchers shares to African-American museum
WW International's shares fell more than 20% Friday after Winfrey disclosed her departure. With her resignation from the board, the company is left with nine board directors.
The host said she will donate her interest in the company to the National Museum of African American History and Culture. The board of directors said in a statement that they're supportive of her donation during the upcoming March 2024 trade window. She will also be donating the proceeds of her WW stock options' future exercises to the NMAAHC.
According to FactSet, Winfrey owns approximately 1.1. million WW International shares, which represents 1.43% of the company. Currently, her shares are worth a little less than $3.5 million. She initially had 6.4 million shares which totaled $43.2 million.
In May 2024, both Winfrey and WeightWatchers will host an event that will feature “industry experts coming together to un-shame our relationship with weight.”
Winfrey released a statement about the event and stated, “Weight health is a critically important topic and one that needs to be addressed at a broader scale. I plan to participate in a number of public forums and events where I will be a vocal advocate in advancing this conversation.”
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