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Sistani has been replaced by independent board member Tara Comonte, who will serve as CEO on an interim basis.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.
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.
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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.
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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.
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The company also reaffirmed its prior full-year 2024 forecast for revenue and adjusted operating income on Friday.
Reuters contributed to this report.
