Oprah Winfrey is parting ways with WeightWatchers after nearly 10 years on the company’s board of directors.
The company says that Winfrey told the board this week that she would not stand for reelection at the company’s next annual meeting, set for May 9. Winfrey has been a board member and a public face for WeightWatchers since 2015.
The company says that Winfrey will still continue to work as a public advocate regarding weight health and obesity issues, including co-hosting an event together in May. It also says that Winfrey will donate all her shares in the company to the National Museum of African American History and Culture.
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“Ms.Winfrey is making the donation to support the NMAAHC’s goal to promote and highlight the contributions of African Americans and to eliminate any perceived conflict of interest around her taking weight loss medications,” the company said in a statement, suggesting that the disclosure could be a factor in the decision.
According to the company’s last proxy statement, Winfrey’s stake was valued at more than $18 million before it announced her exit (the share price fell by more than 20 percent when the market opened Thursday).
Winfrey disclosed in December that she was using a prescription drug to manage her weight. According to the terms of her agreement with WeightWatchers, “Winfrey will not grant anyone but the Company the right to use her name, image, likeness or endorsem*nt for or in connection with any other weight loss or weight management programs during the Strategic Term, and she will not engage in any other weight loss or weight management business, program, products, or services during the Strategic Term and for one year thereafter.”
“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,” said Winfrey in a statement. “Weight Health is a critically important topic and one that needs to be addressed at a broader scale. I plan to participate in a number of public forums and events where I will be a vocal advocate in advancing this conversation.”
Added Thilo Semmelbauer, chairman of the board, “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 eight years. 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.”
