Media mogul Oprah Winfrey is dropping her spot on the board of directors for the weight loss company Weight Watchers. Winfrey, who has been a member of the board since 2015, won’t stand for re-election at the company’s shareholder meeting in May, Weight Watchers announced on Wednesday.
The news comes at a time when a new class of weight loss dugs known GLP-1s — popular brands include Ozempic, Wegovy, and Zepbound — have been putting pressure on Weight Watchers. The company’s stock was down almost 25% during Thursday afternoon trading.
Winfrey said in a statement that she will continue to advise Weight Watchers and its CEO Sima Sistani “in elevating the conversation around recognizing obesity as a chronic condition, working to reduce stigma, and advocating for health equity.”
Read more: Weight loss drugs like Ozempic have food CEOs so ‘scared’ they’re calling Novo Nordisk for advice
Winfrey said she is donating all her Weight Watchers shares to the National Museum of African American History and Culture. Weight Watchers said it supports Winfrey’s decision, which it added would “eliminate any perceived conflict of interest around her taking weight loss medications.”
Weight Watchers is loosing the battle for GLP-1s
Just days after Winfrey acknowledged in December that she’s taking a GLP-1, Weight Watchers launched a program to offer its members prescriptions of the popular medications.
The move has not paid off so far.
Weight Watchers’ net income loss grew 140% to $88.1 million in the three months ending Dec. 30, from $35.8 million in the same period the previous year.
In contrast, market leader Novo Nordisk’s upward climb doesn’t seem like it will end anytime soon. The company reported in January that its 2023 sales jumped 31% to 232.3 billion Danish kroner ($33.8 billion), compared with 177 billion Danish kroner ($25 billion) in 2022. It also projects sales will increase by up to 26% in 2024.