AGS NEWS – Oprah Winfrey, a long-time board member of Weight Watchers, has decided to step down from her position, dealing a fresh blow to the struggling company amidst increasing competition from weight-loss drugs.

Winfrey, who joined the board in 2015, announced that she will not seek re-election at the upcoming shareholder meeting in May.

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Winfrey disclosed her use of weight-loss drugs as a “maintenance tool,” contributing to a significant drop of 27% in Weight Watchers International shares during extended New York trading.

In her statement, Winfrey expressed her commitment to continue collaborating with Weight Watchers to raise awareness about obesity as a chronic condition.

She pledged to donate all her shares in the company to the National Museum of African American History and Culture.

Winfrey, who holds a substantial stake of approximately 10% in Weight Watchers, initially joined the company nearly a decade ago and shared her personal weight-loss journey with fellow members.

Her departure from the board coincides with Weight Watchers grappling with the emergence of anti-obesity drugs such as Wegovy and Ozempic, signaling a significant shift in the weight-loss industry.

Weight Watchers also reported a notable net loss of $88.1 million for the last quarter of 2023, double the amount compared to the same period in the previous year.

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The company’s strategic response includes the acquisition of digital health company Sequence, which offers a comprehensive weight-loss program including prescription medications like Ozempic and Wegovy, aligning with Weight Watchers’ focus on nutrition and behavior change.