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"I decided [to leave the WeightWatchers board] because this special was really important to me, and I wanted to be able to talk about whatever I want to talk about," Winfrey said.
Weight Watchers CEO Sima Sistani penned internal memo to employees as WW shares face heavy selling due to debt concerns, Oprah Winfrey's exit from board.
One year ago, in March 2023, Ray Debbane announced he would be resigning as chairman of WW International, the parent company of Weight Watchers, whose board he had joined in 1999. A day after Debbane stepped off the board in May 2023, his private equity firm, Invus, sold its 21% stake in the company, ending its 23-year ownership relationship with the company.
WW International (NASDAQ: WW ), formerly known as Weight Watchers, has become a penny stock, and its debtors are discussing bankruptcy. WW stock fell 12% on March 13 and another 3.3% overnight.
Sales were down nearly 8% year over year in the fourth quarter. The shrinking top line has been a big problem for the company in recent years.
"Weight-loss patients still “need advice on what to do when they over-ate at a restaurant and are now puking their guts out.”
Yes, Oprah Winfrey is in the news again — in this case, for her decision to sell her stake in WW International WW, +8.33% (formerly known as WeightWatchers) and leave the company's board. The decision came after Winfrey announced, to considerable backlash, that she was taking a weight-loss drug to help her in her longtime battle to lose some pounds and keep them off, in addition to hiking, drinking plenty of water and other methods.
NEW YORK, March 01, 2024 (GLOBE NEWSWIRE) -- WW International, Inc. (NASDAQ: WW) (“WeightWatchers,” “WW,” or the “Company”) today announced that it will present at the following investor conference.
Oprah Winfrey will not seek re-election to WW's board of directors later this year. The celebrity reports she is using a weight-loss drug to manage her weight, posing a potential conflict of interest.
Shares of WW International (NASDAQ: WW ) stock are plunging lower after the weight loss and fitness company reported its fourth-quarter earnings. WW also revealed that Oprah Winfrey has decided not to seek re-election as director of the company.