WeightWatchers stock plunges as Oprah Winfrey leaves board, donates shares

Driving the news: WW said Thursday that Winfrey would not stand for reelection to its board in May.

• She's giving away the rest of her shares in the company to the Smithsonian's National Museum of African American History and Culture.
• "I look forward to continuing to advise and collaborate with WeightWatchers and CEO Sima Sistani in elevating the conversation around recognizing obesity as a chronic condition, working to reduce stigma, and advocating for health equity," Winfrey said in a statement.

The intrigue: WW said Winfrey's decision is meant partly "to eliminate any perceived conflict of interest around her taking weight loss medications."

• WW, which has been grappling with a decline in membership during the pandemic, is now marketing weight-loss drugs following its acquisition last year of telehealth platform Sequence.

The impact: The stock was down 20% to $3.03 in early-afternoon trading.