Written by Peter Hoskinsbusiness reporter
Getty ImagesOprah Winfrey is stepping down from Weight Watchers' board of directors, dealing another blow to the company, which has struggled to compete with the popularity of weight-loss drugs.
The American celebrity, who has served on the company's board since 2015, said she would not stand for re-election at the next shareholder meeting in May.
Winfrey recently revealed that she used weight loss drugs as a “maintenance tool.”
Weight Watchers International shares fell 27% in extended trading in New York.
Ms Winfrey said in a statement: She said she would continue to work with Weight Watchers “to elevate the conversation about recognizing obesity as a chronic disease.”
The influential talk show host and businesswoman also said she would donate all of her company's stock to the National Museum of African American History and Culture.
Ms. Winfrey is one of Weight Watchers' largest shareholders. Approximately 10% stock.
When Winfrey started working at the company about 10 years ago, she joined the Weight Watchers program and shared her experiences with other members. She has previously spoken publicly about her struggle with weight.
Her decision to step down from the board comes as the company faces major changes in the weight loss industry following the launch of anti-obesity drugs such as Wigovy and Ozempic.
Also on Tuesday, Weight Watchers released its latest financial figures, showing a net loss of $88.1m (£69.6m) in the final three months of 2023, more than double the same period last year. .
The company announced in March 2023 that it would acquire digital health company Sequence “as a natural step” given “advancements in chronic weight management medications.”
Sequence describes itself as a weight loss program and offers a suite of services to its subscribers. In addition to advice from fitness coaches and nutritionists, they can also prescribe medications such as Ozempic and Wigoby.
Weight Watchers boss Sima Sistani said the $132 million deal would allow members to benefit from both a “nutrition and behavior change” approach and prescription drugs.
