WeightWatchers CEO Steps Down After Two-Year Tenure #

The CEO of WeightWatchers is stepping down after a two-year stint, during which the company made significant changes to its business model.

Under the departing CEO’s leadership, the 61-year-old company acquired a telehealth platform that connected patients with doctors who could prescribe weight-loss and diabetes drugs. This move represented a significant shift for a service traditionally known for in-person meetings and portion control.

The outgoing CEO had previously emphasized the importance of recognizing obesity as a chronic condition, stating that willpower alone was not sufficient for weight management. The company aimed to destigmatize conversations around obesity and provide more comprehensive support to its members.

However, this pivot did not yield the desired results. The company’s stock has plummeted 90% year to date, as consumers increasingly opt to use GLP-1 drugs independently rather than through intermediaries like WeightWatchers.

The company faced another setback in February when a prominent investor announced her departure from the board and donated all of her stock to a museum. This investor had joined the board in 2015 and purchased a 10% stake, providing a significant boost to the company’s relevance at the time.

An interim CEO has been appointed, effective immediately. The new leader, who joined the WeightWatchers board in June 2023, brings experience from previous roles as CEO of a restaurant chain and a fertility technology company.

The chairman of WeightWatchers’ board expressed confidence in the interim CEO’s ability to lead the company through this transitional period, citing her experience in cross-functional transformations and growth strategies, as well as her understanding of the company’s mission and commitment to its members.

As WeightWatchers navigates this leadership change, it faces the challenge of adapting its business model in a rapidly evolving weight-loss industry landscape.