Oprah Winfrey announced that she was leaving the board of directors of WW, the weight loss company formerly known as WeightWatchers.
In a news release dated Wednesday (Feb. 28), Winfrey said that she would not stand for re-election to the board - a position she held since 2015 - during its upcoming shareholder meeting in May.
"I look forward to continuing to advise and collaborate with WeightWatchers and CEO Sima Sistani in elevating the conversation around recognizing obesity as a chronic condition, working to reduce stigma, and advocating for health equity," she said in the news release.
Winfrey recently shared that she is taking a weight loss drug, but did not specify which one. Drugs like Ozempic and Wegovy, which were introduced to help people with diabetes, have soared in popularity in recent years, NBC News reported.
"Oprah has been an inspiring presence and passionate advocate for our members, providing critical insights and counsel that has helped shape WeightWatchers over these last 8 years," WW Chairman of the Board Thilo Semmelbauer said in the news release. "On behalf of the Board, I would like to thank her for her energy, dedication, and for continuing to play a role as collaborator and thought partner going forward. What I know for sure, we will dearly miss her presence on the Board."
WW Stocks Plummet After Oprah's Exit
Winfrey also announced that she would be donating her WW stock to the National Museum of African American History and Culture. The WW board of directors said that it was supportive of her decision to donate her shares, which was intended to "promote and highlight the contributions of African Americans and to eliminate any perceived conflict of interest around her taking weight loss medications."
Winfrey owned about 1.4% of the company's shares, or about 1.3 million shares, according to financial data provider FactSet. At today's stock price, that values her stake at about $4.1 million - a far cry from her initial investment of $43.2 million for 6.4 million shares.
Her decision sent WW shares into a nosedive, which in 2021 topped $40, plunged 17% on Thursday to $3.18 in early morning trading, according to CBS News.
