By (Reuters) – WW International (NASDAQ:WW), also known as WeightWatchers, said on Friday CEO Sima Sistani was stepping down and that insider Tara Comonte would succeed her on an interim basis.
During Sistani’s two-and-a-half-year tenure, WeightWatchers in 2023 acquired the telehealth platform Sequence, now known as WeightWatchers Clinic, expanding into obesity drug prescriptions.
Despite this, the company’s shares have plummeted about 90% this year due to the rising popularity of GLP-1 drugs like Ozempic and Wegovy, which have impacted its traditional weight loss program.
In February, the company’s stock took another hit after it disclosed that celebrity shareholder Oprah Winfrey would exit its board and donate her stock to the National Museum of African American History and Culture.
Comonte joined the WeightWatchers’ board in June last year. She previously served as CEO of TMRW Life Sciences, after working as a President and finance chief at fast-food chain Shake Shack (NYSE:SHAK).
The company also reaffirmed its prior full-year 2024 forecast for revenue as well as adjusted operating income on Friday.