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Business

Oprah seeks new Weight Watchers CEO

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Opening sequence

Business

Oprah seeks new Weight Watchers CEO

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COMING UP:Oprah seeks new Weight Watchers CEO

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Transcript

00:00:01
>> I love bread.>> Oprah Winfrey may love bread, but she probably doesn't love the price of Weight Watchers stock. Investors dropping shares like a bad eating habit in after hours trading on Monday, after the company announced that CEO James Chambers is stepping down at the end of the month.
00:00:20
Now Oprah, who is a 10% stakeholder and board member at Weight Watchers, is helping the company find a new chief executive, says Reuter's correspondent Tom Polansek.>> Oprah is part of a search committee that's going to be involved with finding the next CEO. Also, I think she's taken a personal involvement with the company.
00:00:42
She's following its weight loss program and she's appeared in their advertisements, so she wants to be involved with picking the next leader.>> When the former queen of daytime TV announced she had purchased a stake in the company last October, shares gained more than 100%. But Palansek says investors have lost their appetite since then.
00:01:03
>> Since Oprah took her 10% stake in the company last year, Weight Watchers has missed Wall Street expectations, some of its earnings. A lot of people aren't signing up for diet programs the way that they used to. Instead, they're looking more toward eating naturally and healthfully. The stock price is still up about 50% from when Oprah announced her involvement with the company.
00:01:31
But it's down more than 50% from two years ago, so there's still a ways to go.>> As for the progress of Oprah's personal weight loss program, Polansek says that's unclear.>> I asked the company for an update on Oprah's weight loss since she joined Weight Watchers, and the company said they're not releasing any updated figure at this time.