WeightWatchers’ parent company Weight Watchers International flopped over 27% in pre-market Thursday trades after chat show icon Oprah Winfrey announced her departure from the board.
Winfrey, who has been on the board since 2015, will not stand for re-election in WeightWatcehrs’ upcoming annual meeting in May.
The decision comes after Winfrey disclosed she has used weight-loss medication as a “maintenance tool”.
“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.
Winfrey announced she will donate her 10% WeightWatchers’ share stake – which she bought in 2015 for $43 million – to the National Museum of African American History and Culture.
“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,” read WeightWatchers’ statement.
WW shares have more than halved in 2024 to date. The group’s current market capitalization is around $302 million.