Oprah Winfrey, the well-known TV personality, plans to step down from the WeightWatchers board later this year, as disclosed in a report to the U.S. Securities and Exchange Commission.
This announcement was made through a form called 8-K, filed on Tuesday. It states that Oprah informed the chairman of WW International Inc.’s board of directors that she won’t seek re-election at the company’s annual meeting of shareholders in 2024, scheduled for May 9.
WeightWatchers shares drop as Oprah Winfrey decides to exit board https://t.co/y6p0z30fVB pic.twitter.com/4pTGbCQkEv
— Reuters (@Reuters) February 29, 2024
The filing emphasizes that her decision was not due to any disagreement with the company on its operations, policies, or practices.
Following her departure, the board’s size will reduce from 10 members to nine.
This departure of the influential public figure from the board comes at a challenging time for WW, as it struggles to become profitable. Consequently, the company’s shares dropped by 25.6% to $2.84 during premarket hours, according to Reuters.
In a press release on Wednesday, Oprah expressed her intention to continue advising and collaborating with WeightWatchers and CEO Sima Sistani on raising awareness about obesity as a chronic condition, reducing stigma, and advocating for health equity.
Oprah has been a board member since 2015 and plans to donate her WW shares to the National Museum of African American History and Culture, as per the company’s statement. She currently owns 1.13 million shares valued at $6.34 million as of January 1, based on LSEG data.
Last year, Oprah revealed her use of prescription medication to manage her weight.
Thilo Semmelbauer, chairman of the board, thanked Oprah for her contributions over the past eight years, describing her as an inspiring presence and passionate advocate for WW members. He expressed gratitude for her dedication and mentioned that although she will be missed on the board, she will continue to collaborate and share insights as a thought partner in the future.
