FOX Business’ Lydia Hu reports on the latest news from the pharmaceutical industry as drug shortages in the US hit a new record.
WeightWatchers announced Friday that CEO Sima Sistani has resigned and is no longer on the company’s board after 2½ years at the helm of the weight-loss company.
Sistani has been replaced by independent board member Tara Comonte, who will serve as interim CEO. Comonte previously served as president and CFO of Shake Shack.
A WeightWatchers logo is displayed at the office in Lower Manhattan, New York, Oct. 19, 2015. (Reuters/Brendan McDermid/Reuters)
During his tenure, Sistani oversaw the acquisition of WeightWatchers’2023 sequence telehealth platform, now known as WeightWatchers Clinic, expanding into obesity drug prescriptions. Sistani accepted the use of weight loss drugs in various interviews during his tenure.
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Despite this, the company’s shares have fallen by almost 90% this year due to the increasing popularity of GLP-1 drugs such as Ozempic and Wegovy, which have affected its traditional weight loss program.
| A ticker | Security | Finally | Change | change % |
|---|---|---|---|---|
| WW | Company WW INTERNATIONAL INC. | 0.83 | -0.02 |
-2.11% |
In February, the company’s stock was again affected after it was revealed that celebrity shareholder Oprah Winfrey would leave the board and donate her stock to the National Museum of African American History and Culture.
OZEMPIC, WEGOVY SKYROCKET AS IT NEEDS HEAVY WEIGHT-BASED DRUGS
WeightWatchers announced Feb. 28, 2024, that Oprah Winfrey will 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. He previously served as CEO of TMRW Life Sciences after serving as president and chief financial officer at fast-food chain Shake Shack.
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The company reaffirmed its previous 2024 forecast for revenue and adjusted operating income on Friday.
Reuters contributed to this report.
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