Oprah Winfrey is leaving the WeightWatchers board later this year, according to a report filed with the U.S. Securities and Exchange Commission.
The form 8-K was filed Tuesday. It states that Oprah notified the chairman of WW International Inc.'s board of directors "that she would not be standing for re-election as a member of the Board at the Company's 2024 annual meeting of shareholders," which is currently slated for May 9.
"Her decision was not the result of any disagreement with the Company on any matter relating to the Company's operations, policies or practices," the filing reads.
As a result of her departure, the board will be reduced from 10 members to nine.
The loss of the hugely popular public figure from its board at a time when WW is struggling to turn a profit sent its shares down 25.6% to $2.84 in premarket hours, Reuters reports.
"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," Oprah Winfrey said in a Wednesday press release.
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Winfrey has been a board member since 2015, and will donate her WW shares to the National Museum of African American History and Culture, the company said.
She owned 1.13 million shares worth $6.34 million as of Jan. 1, LSEG data showed.
The talk show host said last year that she uses prescription medication to manage her weight.
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"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 8 years," Thilo Semmelbauer, chairman of the board, said in the news release. "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."
Reuters contributed to this report.
