Oprah thanks WW International CEO Mindy Grossman as she steps down

Fox Business Flash top headlines for September 30

Check out what’s clicking on FoxBusiness.com.

WW International president and CEO Mindy Grossman will step down from her role after the first quarter of 2022 drawing praise from the company's largest single shareholder, Oprah Winfrey. 

TickerSecurityLastChangeChange %
WWWW INTERNATIONAL18.70+0.45+2.44%

Since taking over the helm of the weight-loss management company in 2017 previously known as Weight Watchers, Grossman has helped transform the WW International brand into a personalized digital health, wellness and science-based weight-loss platform.

GM CEO MARY BARRA FIRST WOMAN TO LEAD BUSINESS ROUNDTABLE

"Leading the transformation of WW has been one of the most rewarding experiences of my professional career," Grossman said in a statement. "Over the past four years, we repositioned the brand and the business, and have grown our membership base, with retention now at all-time highs. It has been an honor to work with such a talented and passionate team to transform the lives of millions of people by providing them with the tools to become the best, healthiest versions of themselves." 

Oprah Winfrey (left) and Mindy Grossman (Reuters / Reuters Photos)

Winfrey, who also serves as a celebrity spokesperson and has been a director on the company's board since 2015, called Grossman a "bold marketing visionary, partner and friend."

"She has transformed the brand to the WW of today – one that represents the many dimensions of weight loss and wellness," Winfrey said. "It has been an honor to work alongside Mindy, and learn from her. I am grateful for her passion, vision and deep impact on WW."

 CLICK HERE TO READ MORE FROM FOX BUSINESS

WW International said Grossman will continue on in her role until the board of directors finds a successor. 

"As we work to identify the next leader of the company, my team and I will remain strongly focused on continuing to drive our strategic priorities and executing with excellence, including the upcoming launch of our most exciting food program innovation in years," Grossman said. 

Grossman, who is also resigning from her role as a board director, will receive approximately $2.47 million, or two times her base pay, over two years following her departure under a separation agreement.

WW International shares have risen more than 82% during Grossman's tenure. The stock is up approximately 3% during Friday's trading session as of the time of publication.

Source: Read Full Article