The shares of Weight Watchers International (NYSE:WTM) are trading higher today following the announcement that Oprah Winfrey acquired a significant stake in the company.
The stock price of Weight Watchers increased more than 100% to as much as $13.70 per share today.
Oprah Winfrey to join Weight Watchers Board
According to Weight Watchers, Ms. Winfrey will be joining its Board of Directors are part of her long-term partnership with the company to inspire people around the world to lead a healthier and more fulfilling life.
In a statement, Ms. Winfrey said, “Weight Watchers has given me the tools to begin to make the lasting shift that I and so many of us who are struggling with weight have longed for. I believe in the program so much I decided to invest in the company and partner in its evolution.”
As member of the board, Ms. Winfrey will join the Weight Watcher’s program and will share her experiences and perspectives along the way. She will bring insight and strategy to the development and execution of the program to reflect her experiences and unique ability to inspire and connect with people.
In addition, Ms. Winfrey will acquired newly issued shares representing 10% of the company. She will also receive options to buy additional 5% of the fully diluted shares of Weight Watchers.
Weight Watchers Chairman Ray Debbane said, “Weight Watchers and Oprah Winfrey make a powerful combination. Oprah is a force of nature in connecting with people on a very personal level to live inspired lives. This partnership will accelerate our transformation and will meaningfully expand our ability to impact many millions of people worldwide.”
Weight Watchers to expand its objective
On the other hand, Jim Chambers, president and CEO of Weight watch said they are expanding the company’s purpose from focusing on weight loss alone to more broadly helping people lead a healthier, happier life.
Chambers added, “Through our conversations, it became clear that there is tremendous alignment between Oprah’s intention and our mission. We believe that her remarkable ability to connect and inspire people to realize their full potential is uniquely complementary to our powerful community, extraordinary coaches and proven approach.”
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