FOX Business’ Lydia Hu reports on the latest news coming out of the pharmaceutical industry as U.S. drug shortages reach new records.
WeightWatchers announced Friday that CEO Sima Sistani, who led the weight loss company for two and a half years, has resigned and is no longer a member of its board of directors.
Mr. Sistani will be replaced as CEO on an interim basis by Tara Comonte, an independent director. Mr. Comonte previously served as President and Chief Financial Officer of Shake Shack.
A WeightWatchers sign hangs at an office in Lower Manhattan, New York, on October 19, 2015. (Reuters/Brendan McDiarmid/Reuters)
During his tenure, Sistani oversaw Weight Watchers’ acquisition of telemedicine platform Sequence (now known as Weight Watchers Clinic) in 2023, expanding into obesity drug prescribing. Sistani admitted to using weight loss drugs in various interviews during his tenure.
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Nevertheless, the company’s stock price has plunged about 90% this year due to the growing popularity of GLP-1 drugs such as Ozempic and Wigovy, impacting traditional weight loss programs.
Ticker Security Last Change Change % WW WW INTERNATIONAL INC. 0.83 -0.02 -2.11%
In February, the company’s stock price fell further after prominent shareholder Oprah Winfrey announced she would resign from the board and donate her shares to the National Museum of African American History and Culture.
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WeightWatchers announced on February 28, 2024 that Oprah Winfrey will no longer serve as a member of its board of directors. (Rich Polk/Golden Globe Awards 2024/Golden Globe Awards 2024/Fox News)
Mr. Comonte joined Weight Watchers’ Board of Directors in June 2023. She previously served as president and financial officer of the fast food chain Shake Shack and as CEO of TMRW Life Sciences.
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The company also reaffirmed its previous full-year 2024 sales and adjusted operating profit forecasts on Friday.
Reuters contributed to this report.
