WW International Announces CEO Transition

(Reuters) – WW International (NASDAQ:WW), also known as WeightWatchers, announced on Friday that CEO Sima Sistani is stepping down, with insider Tara Comonte set to take over on an interim basis.

During Sistani’s two-and-a-half-year tenure, WeightWatchers acquired the telehealth platform Sequence in 2023, now referred to as WeightWatchers Clinic, expanding its services into obesity drug prescriptions.

Despite this expansion, the company’s shares have plummeted about 90% this year, largely due to the rising popularity of GLP-1 drugs like Ozempic and Wegovy, which affected its traditional weight loss program.

In February, the company’s stock faced another setback when it was disclosed that celebrity shareholder Oprah Winfrey would exit its board and donate her stock to the National Museum of African American History and Culture.

Tara Comonte joined the WeightWatchers’ board in June last year. She previously served as CEO of TMRW Life Sciences, and held the roles of President and finance chief at fast-food chain Shake Shack (NYSE:SHAK).

The company also reaffirmed its prior full-year 2024 forecast for revenue and adjusted operating income on Friday.