Oprah Winfrey has decided to leave the board of WeightWatchers. She had been part of the board for eight years. This news has hit the company as it is facing some financial problems. It is also dealing with competition from weight-loss medicines.
Winfrey won’t remain a part of the board after May. This was confirmed through a company statement. However, she has said that she will still work with them. Her work will be focused on promoting awareness about obesity being a long-term condition. Also, she will work towards reducing the stigma attached to it and supporting health equality.
After this news, the share prices of the company (now known as WW International) dropped by over a quarter.
Weight loss firms are dealing with a lot of competition nowadays. Weight-loss injections like Ozempic, Wegovy and Mounjaro have become very popular worldwide.
Recently, WeightWatchers’ profits have taken a hit. According to a financial report, the company lost over $88 million in 2023. This loss was twice as high as their loss the previous year.
At the same time, a boom has begun in the market for weight-loss medicines. These medicines have shown to be effective for obesity, diabetes, and heart-related problems. Thanks to social media promotions, more people are using these medicines. However, some have reported side effects like vomiting, diarrhea, and rapid heartbeats.
Despite being useful for those dealing with obesity and long-term conditions, these medicines do pose issues for people with eating disorders or those who are unhappy with their body shape, but aren’t overweight.
In the past, Winfrey has said that she uses weight-loss medicine suggested by her doctor. However, she did not mention the name of the drug.
In 2023, WeightWatchers bought the health company Sequence. They also introduced WeightWatchers Clinic, which allows members to get a prescription for weight-loss medicines from doctors.
In 2015, when Winfrey joined WeightWatchers, she bought a 10% share of the company for $43 million. At that time, the company was losing subscribers. It was not able to compete with fitness apps and dieting apps.
When Winfrey joined WeightWatchers, she claimed to have lost 40 pounds through the program. The star has publicly spoken about her past struggles with her body and weight. Her website also mentions that she has tried several diet schemes.
This Wednesday, Winfrey announced that she will donate her shares in the company to the National Museum of African American History and Culture in Washington.
Finally, the board of WeightWatchers showed support and thanked Winfrey for her contribution to the company.
Vocabulary List:
- Resignation (noun): The action of resigning from a job or position.
- Financial problems (noun): Difficulties related to money or finances.
- Competition (noun): The activity or condition of competing against others.
- Awareness (noun): Knowledge or perception of a situation or fact.
- Stigma (noun): A mark of disgrace or shame associated with a particular circumstance.
- Equality (noun): The state of being equalespecially in statusrightsor opportunities.
