NEW YORK (AP) — WeightWatchers has made a significant change in its leadership structure.
On Friday, WW International announced that CEO Sima Sistani would be leaving her position immediately. Tara Comonte, a current member of the WeightWatchers board and a former executive at Shake Shack, has stepped in as interim chief executive.
The reasoning behind Sistani’s sudden departure wasn’t specified by the New York-based weight loss company. However, it emphasized that Comonte would take on the CEO role during a crucial period as the company aims to enhance its operational and financial performance amidst recent challenges.
Founded over 60 years ago, WeightWatchers has faced some difficulties lately. Recent earnings reports have indicated declining profits and increased costs due to restructuring efforts. Moreover, its stock has suffered dramatically,, decreasing by over 90% in the past year. As a result, WW shares are now trading at around 83 cents as a penny stock.
Sima Sistani became CEO of WeightWatchers more than two years ago. During her time, she spearheaded the company’s ventures into the prescription drug weight loss industry, including the acquisition of Sequence, a telehealth service now rebranded as WeightWatchers Clinic. This service assists users in obtaining prescriptions for popular drugs like Ozempic, Wegovy, and Trulicity, which have gained attention for assisting with weight loss.
Before her role at WeightWatchers, Sistani co-founded Houseparty, a social networking app that facilitated group video chats, and she held a senior leadership position at Epic Games.
Tara Comonte joined the WeightWatchers board in June 2023 and most recently led TMRW Life Sciences as CEO. She previously served as president and CFO at Shake Shack. In addition to her interim role at WeightWatchers, Comonte sits on the boards of Kindbody and Strava.
In her initial statement as interim CEO, Comonte expressed enthusiasm about collaborating with the leadership team at WeightWatchers to advance the company’s strategies aimed at increasing access and care during this pivotal transformation phase.
As Sistani departs from her board position, WeightWatchers will reduce its board size from nine to eight members. This follows an earlier adjustment when the board’s size was decreased from ten to nine members after former talk show host Oprah Winfrey stepped down in February 2023. Winfrey had been a board member since 2015 and announced her decision to leave while also pledging to donate her interest to the National Museum of African American History and Culture as a measure to avoid any potential conflict of interest.
