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Winfrey has served on the corporate’s board of administrators since 2015.
Shares in WeightWatchers dropped by greater than 25% in premarket buying and selling Thursday after Oprah Winfrey’s announcement that she has determined to not stand for reelection to the board on the upcoming annual assembly of shareholders in Might.
Winfrey has served on the corporate’s board of administrators since 2015, based on an announcement from the corporate confirming her departure.
“I sit up for persevering with to advise and collaborate with WeightWatchers and CEO Sima Sistani in elevating the dialog round recognizing weight problems as a power situation, working to scale back stigma, and advocating for well being fairness,” mentioned Oprah Winfrey.
Winfrey additionally introduced that she plans to donate her monetary curiosity in WeightWatchers to the Nationwide Museum of African American Historical past and Tradition in Washington, D.C.
“Weight Well being is a critically essential matter and one which must be addressed at a broader scale. I plan to take part in quite a few public boards and occasions the place I can be a vocal advocate in advancing this dialog,” continued Winfrey. “As well as, I’ve determined to donate my curiosity in WeightWatchers to the Nationwide Museum of African American Historical past and Tradition (NMAAHC). I’ve been a long-time supporter of this worthy group, and I’m proud to proceed my assist.”
The Board of Administrators of WeightWatchers mentioned that they had been supportive of Ms. Winfrey’s proposal to donate all of her inventory to the museum.
“Ms. Winfrey is making the donation to assist the NMAAHC’s aim to advertise and spotlight the contributions of African Individuals and to remove any perceived battle of curiosity round her taking weight reduction medicines,” WeightWatchers mentioned of their assertion. “As well as, Ms. Winfrey intends to donate the proceeds from any future workouts of her WW inventory choices to NMAAHC.”
In the meantime, the corporate printed its newest monetary report on Wednesday, together with its fourth-quarter and full-year 2023 outcomes which confirmed a complete lack of $88.1 million, greater than twice the quantity throughout the identical interval within the earlier yr at $35.8 million.
Winfrey has a stake within the firm of round 10% and is likely one of the firm’s greatest shareholders.
“Oprah has been an inspiring presence and passionate advocate for our members, offering crucial insights and counsel that has helped form WeightWatchers over these final 8 years. On behalf of the Board, I want to thank her for her vitality, dedication, and for persevering with to play a job as collaborator and thought accomplice going ahead. What I do know for positive, we are going to dearly miss her presence on the Board,” mentioned Thilo Semmelbauer, chairman of the board.
