WeightWatchers CEO Sima Sistani out in abrupt exit, embraced weight loss drugs
Board member Tara Comonte, former president and CFO of Shake Shack, will serve as interim CEO
Demand is ‘outstripping’ supply in the weight loss industry: Lydia Hu
FOX Business' Lydia Hu reports on the latest news emerging from the pharmaceutical industry as the medication shortage in the U.S. reaches a new record.
WeightWatchers announced Friday that CEO Sima Sistani has stepped down from the job and is no longer on the company's board after 2½ years leading the weight loss company.
Sistani has been replaced by independent board member Tara Comonte, who will serve as CEO on an interim basis. Comonte previously served as the president and CFO of Shake Shack.
A sign for WeightWatchers is displayed at an office in Lower Manhattan, New York, Oct. 19, 2015. (Reuters/Brendan McDermid / Reuters)
During her tenure, Sistani oversaw WeightWatchers' 2023 acquisition of telehealth platform Sequence, now known as WeightWatchers Clinic, expanding into obesity drug prescriptions. Sistani embraced the use of weight loss drugs in various interviews during her tenure.
DOCTORS DRAW ATTENTION TO SAFETY ISSUES ASSOCIATED WITH POPULAR WEIGHT-LOSS DRUGS
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.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WW | WW INTERNATIONAL INC. | 1.04 | +0.03 | +2.97% |
WW International, Inc.
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.
OZEMPIC, WEGOVY SCAMS SKYROCKET AS DEMAND SURGES FOR EXPENSIVE WEIGHT LOSS DRUGS
WeightWatchers announced Feb. 28, 2024, that Oprah Winfrey would no longer be a member of its board. (Rich Polk/Golden Globes 2024/Golden Globes 2024 / Fox News)
Comonte joined the WeightWatchers' board in June 2023. She previously served as CEO of TMRW Life Sciences after working as a president and finance chief at fast-food chain Shake Shack.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The company also reaffirmed its prior full-year 2024 forecast for revenue and adjusted operating income on Friday.
Reuters contributed to this report.