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Donation: Oprah Winfrey to donate £5m worth of stock to National Museum of African American History and Culture
Almost £60m has been wiped off the value of Weight Watchers as Oprah Winfrey prepares to step down from the board and sell her shares.
The American talk show host, who has been on the lifestyle company’s board of directors since 2015, will not stand for re-election at its upcoming shareholder meeting in May.
Instead, he will donate 10% of his stake (around 1.13 million shares worth £5 million) to the National Museum of African American History and Culture.
The stock plummeted by almost a quarter, reducing its value by £57m. Winfrey, who will continue to advise the company, joined almost a decade ago.
His departure comes as he struggles to keep up with a boom in demand for weight-loss drugs made by companies such as Novo Nordisk.
He recently revealed that he used them as a “maintenance tool.”
Troy Harmon, chief investment officer at financial services firm Henssler Financial, said Winfrey’s departure is “just another piece of evidence in the bigger picture that people would rather take a hit than adjust their lifestyles.”