Oprah Winfrey Steps Down from WeightWatchers Board and Gifts Shares
Bollywoodfever, February 29: Oprah Winfrey is stepping down from the WeightWatchers board of directors after serving for nine years and will be donating her shares in the company to avoid any possible conflicts of interest due to her use of weight-loss medication.
The announcement led to nearly a 20% drop in the company’s stock price.
Winfrey, who will not seek re-election at the company’s May board meeting, intends to give all her shares in WW to the National Museum of African American History and Culture. As of the start of the year, she held 1.13 million shares, valued at approximately $6.34 million, based on LSEG data.
The company mentioned that Winfrey’s donation to the museum aims to support its mission of celebrating African American achievements and to clear any concerns of conflict of interest related to her weight loss medication use. She also plans to donate any future proceeds from her WW stock options to the museum.
Winfrey expressed her eagerness to continue supporting WeightWatchers and CEO Sima Sistani in their efforts to recognize obesity as a chronic disease, reduce stigma, and promote health equity. “Weight health is a critical issue that demands broader attention. I am committed to being an active participant in public forums and events to further this vital conversation,” she stated.
The rise of new weight-loss medications, such as the injectable Ozempic, has seen a surge in popularity, particularly within the entertainment industry.
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