Oprah Winfrey, renowned as America’s and the world’s wealthiest Black woman, has announced her decision to step down from the board of Weight Watchers International, Inc. after nearly a decade of service. The move follows her recent revelation about the adoption of weight-loss medication.
Weight Watchers, a global company valued at $251 million, specializes in weight loss and maintenance services. Winfrey’s departure signifies a transitional period for the company as it grapples with the aftermath of losing one of its most influential figures, both in business and philanthropy.
Having served on the board since 2015, Winfrey, who initially joined after acquiring a 10-percent stake in Weight Watchers, communicated her intention to not seek reelection at the upcoming annual meeting of shareholders scheduled for May 2024. Her departure marks the end of a decade-long association with the global weight-loss company.
Winfrey’s choice to incorporate weight-loss medication into her routine, disclosed in December 2023, marked a shift from the usual discussions on weight control.
In an interview with People Magazine, she highlighted the comfort of having medically sanctioned options, stating, “I now use it when necessary, as a tool to avoid fluctuations.” This emphasizes her dedication to championing health equity.
In a strategic move to eliminate potential conflicts of interest, Winfrey announced her intention to donate her interest in Weight Watchers, comprising approximately 1.13 million shares, valued at $3.58 million, to the National Museum of African American History and Culture (NMAAHC).
However, the announcement triggered a sharp decline in the share price of Weight Watchers, reflecting investor concerns over the departure of one of the company’s most prominent figures.
According to Weight Watchers’ filings with the Securities and Exchange Commission (SEC), Winfrey’s contractual obligations preclude her engagement with other weight management ventures for the duration of her association and one-year post-departure, highlighting the legal constraints surrounding her departure.
