Oprah Winfrey Leaves WeightWatchers Board, Donates Stake to Museum
Former talk show host Oprah Winfrey has announced her departure from the WeightWatchers board of directors. In a philanthropic move, she will be donating all of her interest in the company to the National Museum of African American History and Culture. This decision has caused shares of WW International Inc. to plummet by over 23% in Thursday morning trading.
A Change in Leadership
Oprah Winfrey, who has been serving on the WeightWatchers board since 2015, will not stand for re-election at the company’s upcoming annual meeting in May. This news comes after Winfrey revealed in December that she was using a weight-loss medication. In a regulatory filing, WW International stated that her departure “was not the result of any disagreement with the company on any matter relating to the company’s operations, policies or practices.” As a result of this change, the board will now consist of nine members, down from ten.
A Charitable Gesture
Winfrey’s stake in WeightWatchers, which amounted to approximately 1.1 million shares, made her the company’s largest individual shareholder, with a stake of 1.43%. However, she has decided to donate her entire interest to the National Museum of African American History and Culture, affiliated with the Smithsonian Institution in Washington. The company has expressed its support for Winfrey’s decision and will facilitate the donation during WeightWatchers’ upcoming trading window in March.
Promoting African American Contributions
Through this donation, Winfrey aims to support the museum’s mission of promoting and highlighting the contributions of African Americans while eliminating any perceived conflict of interest regarding her use of weight loss medications. Additionally, she plans to donate the proceeds from any future exercises of her WW stock options to the museum.
Looking Ahead
Despite this significant change in leadership, WeightWatchers remains committed to its goals of elevating the conversation around recognizing obesity as a chronic condition, reducing stigma, and advocating for health equity. CEO Sima Sistani looks forward to continued collaboration with Winfrey in these endeavors.
This transition marks a new chapter for WeightWatchers, and only time will tell how the company will navigate this change in leadership. For more information on this and other finance-related news, visit Business Today.
Source: Business Today