Weight Watchers is in need of a new CEO, and it's turning to Oprah Winfrey for help.
The diet company announced late Monday that it would be replacing current CEO James Chambers who is resigning at the end of the month. It was a "joint decision" between Chambers and the board for the executive to step down. Winfrey is a member of the company's board.
Chambers is stepping down Sept. 30 after three years as CEO, failing to turn the company around as consumers switch to cheaper calorie tracking apps and fitness trackers such as Fitbit devices, as opposed to springing for one of the company's diet plans.
The company's stock (WTW) jumped 105% last October to $13.92 on the day Winfrey announced she would be taking a 10% stake in Weight Watchers. The rush appears to have subsided, with the stock falling close to 55% in 2016. Shares were up nearly 2% in early trading Tuesday to $10.38.
"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," Winfrey said in a statement at the time. "I believe in the program so much I decided to invest in the company and partner in its evolution."
Chief Financial Officer Nicholas Hotchkin and directors Thilo Semmelbauer and Christopher Sobecki will take the reigns of the company while it searches for a replacement for Chambers.