WEightWatchers stock took a big hit due to media mogul’s influence oprah winfrey announced he was resigning from the company’s board of directors, citing a potential conflict of interest related to the weight-loss drug. oprahThe actress, who has been associated with the brand for years and recently admitted to using weight loss drugs, will donate 1.4 percent of her stock, worth an estimated $12 million, to the National Museum of African American History and Culture.
“We look forward to continued advice and collaboration with WeightWatchers and CEO Sima Sistani Recognizing obesity as a chronic disease, working to reduce stigma, and elevating conversations about advocating for health equity. ” oprah said in a statement.
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He will retire after nine years as a director and will not seek re-election at the upcoming shareholders’ meeting in May 2024.
oprahHer relationship with WeightWatchers has become a central aspect of the company’s marketing efforts using her name and image.
”oprah is an inspirational presence and passionate advocate for both our members and society at large in elevating the conversation around weight health. ” he said, CEO Sima Sistani According to CNN, he said.
“Although my fellow board members and I have no doubt that we will miss her on the board after her current term ends, she will continue to be a strong strategic voice and collaborator at Weight Watchers.”
Struggling business
The departure from WeightWatchers comes at a difficult time for the company. The weight loss industry is witnessing major changes, with drugs such as Ozempic and Wigovy, which were originally designed to treat diabetes, gaining popularity.
The change could lead to a nationwide shortage of the once-weekly injection, impacting Weight Watchers’ competition and contributing to recent financial losses.
