WeightWatchers CEO Sima Sistani swiftly stepped down Friday after a two-year stint that incorporated a arguable embody of weight-loss medication like Ozempic and Wegovy.
Sistani driven the 61-year-old corporate — well-known for in-person conferences and portion regulate — to shop for a telehealth platform that attached sufferers with docs who can prescribe the preferred weight problems drugs.
On the other hand WeightWatchers’ stocks were in freefall, plummeting greater than 90% this yr.
Sima Sistani is out as CEO of WW Global. WW Global, Inc.
The inventory was once down just about $3 Friday, buying and selling beneath $1.
Earlier than the COVID pandemic, and the explosion in weight-loss medication, the inventory reached a top of greater than $44.
Tara Comonte, a board member who prior to now served as president of Shake Shack, has been tapped as meantime CEO whilst the corporate mulls a full-time substitute.
Former communicate display queen and WeightWatchers board member Oprah Winfrey introduced previous this yr that she was once leaving the corporate’s board after she started taking weight-loss drugs.
Sistani, 61, sought to capitalize at the craze surrounding the burden loss medication.
WeightWatchers is a emblem that provides weight control services and products in response to holistic approaches. REUTERS
Below her management, WeightWatchers obtained Collection, which has since been rebranded as WeightWatchers Hospital.
The telehealth sanatorium allowed the corporate to start dishing out GLP-1 medication along with its conventional menu of behavioral exchange systems.
However pageant within the telehealth sector — in particular amongst corporations that supply variations of the GLP-1 medication — has hindered WeightWatchers.
The recognition of gear reminiscent of Ozempic and Wegovy has had a detrimental have an effect on on WeightWatchers. REUTERS
Ultimate month, the corporate minimize its full-year gross sales goal and introduced it will be streamlining its trade within the face of a “hastily converting panorama.”
The forecast minimize despatched the inventory value down even additional.
Previous to being named CEO in 2022, Sistani was once co-founder and CEO of Houseparty, a video chat app that allowed as much as 8 folks to sign up for a gaggle name at anybody time.
