(Photo By Flickr User Alan Light)
Oprah Winfrey is joining the Weight Watchers weight management company’s board.
According to The Associated Press and blackamericaweb.com, Weight Watchers International Inc. said in a filing with the Securities and Exchange Commission (on earlier this week), that as part of a five-year agreement, Winfrey has given the company the right to use her name, image, likeness and endorsement for the company, its programs, products and services, subject to her approval. She will also make personal appearances on the company’s behalf.
For her part, Winfrey has the right to use Weight Watchers marks to collaborate with and promote the company, its programs, products and services. Winfrey will consult with Weight Watchers and help in the development, planning and execution of its program and related initiatives.
Weight Watchers President and CEO Jim Chambers said in a written statement,
“We are expanding our purpose from focusing on weight loss alone to more broadly helping people lead a healthier, happier life.”
The New York-based company’s board expands from nine to 10 members with Winfrey’s inclusion.
The agreement has additional successive one-year renewal terms. Winfrey’s term on the Weight Watchers’ board expires in 2018.
Oprah Winfrey is paying about $43.2 million for a 10% stake in Weight Watchers and is joining the weight management company’s board.
Weight Watcher’s shares rose to $6.09 (90%), to $12.88 in morning trading Monday. Its shares had been down 73% for the year through Friday.
