WW International, the parent company of WeightWatchers, announced on Friday that CEO Sima Sistani has departed from her position effective immediately. Tara Comonte, a board member and former executive at Shake Shack, has been appointed as the interim chief executive.
While the company did not disclose specific reasons for Sistani’s abrupt exit, it emphasized that Comonte will lead the organization during a crucial period focused on enhancing operational and financial performance.
Founded over six decades ago, WeightWatchers has faced significant difficulties recently. Its latest earnings reports indicate declining profits, alongside rising costs from restructuring efforts. The company’s stock has seen a dramatic decline, plummeting over 90% in the past year to close at approximately 83 cents on Friday, now classified as a penny stock.
Sistani joined WeightWatchers as CEO more than two years ago, during which she spearheaded initiatives into the prescription weight loss sector, including the $106 million acquisition of Sequence, which has since been rebranded as WeightWatchers Clinic. This telehealth service assists users in obtaining prescriptions for popular medications like Ozempic and Wegovy. Before her role at WeightWatchers, Sistani co-founded the social networking app Houseparty and held a senior leadership position at Epic Games.
With Sistani’s departure, WeightWatchers will reduce its board size from nine to eight members. Earlier this year, the board was reduced from ten members after former talk show host Oprah Winfrey resigned. Winfrey, who had served on the board since 2015, announced her departure following her use of a weight-loss medication, seeking to avoid any potential conflict of interest.
Comonte, who joined the WeightWatchers board in June 2023, previously served as CEO of fertility company TMRW Life Sciences and held positions as president and CFO at Shake Shack. In addition to her interim role, she is also a board member of Kindbody and Strava.
The company is now looking to advance its strategic goals during this pivotal period of transformation.
By: Montana Newsroom Staff
