WW International, Inc. Announces Upcoming Changes to Board of Directors
March 23 2023 - 4:05PM
WW International, Inc. (NASDAQ: WW) (“WeightWatchers,” “WW,” or the
“Company”) announced several upcoming changes to its Board of
Directors (the “Board”) in connection with the Company’s annual
meeting of shareholders to be held on May 9, 2023 (the “2023 Annual
Meeting”).
Directors Raymond Debbane, who currently serves as Chairman of
the Board, and Jonas Fajgenbaum will not be standing for
re-election at the 2023 Annual Meeting. Mr. Debbane will step down
as Chairman effective as of the midnight prior to the 2023 Annual
Meeting. The Board has appointed Thilo Semmelbauer as Chairman of
the Board effective May 9, 2023, the day of the 2023 Annual
Meeting.
“For over 23 years, I have seen WeightWatchers evolve and
transform, serving members in new technology-enabled ways while
staying true to its core principles and remaining the gold standard
in weight management,” said Raymond Debbane, Chairman of the Board.
“It has been an honor to serve as Chairman of the Board as
WeightWatchers evolved from a controlled privately-held company to
a standalone public company, now under the able leadership of CEO
Sima Sistani. I am proud to pass the Chairman’s baton to Thilo
Semmelbauer, with whom I have closely worked for many years.”
Messrs. Debbane and Fajgenbaum have served on the Company’s
Board of Directors since the acquisition by Artal Luxembourg S.A.
in September 1999. Mr. Debbane is a co-founder and the Chief
Executive Officer of The Invus Group, LLC. He is also the Chief
Executive Officer and a director of Artal Group S.A., and the
Chairman of the Board of Directors of a number of private companies
of which Artal Group S.A. or Invus, L.P. are shareholders. Mr.
Fajgenbaum is a Managing Director of The Invus Group, LLC, which he
joined in 1996.
“I am gratified to be elected Chairman by the members of the
Board. I have been part of many stages of WeightWatchers’ evolution
over the years, including the creation of WeightWatchers.com, its
subsequent merger and integration with WeightWatchers’ Workshops
business, the Company’s transition to a subscription model, and
more recently, serving as a member of the Interim Office of the CEO
during a leadership transition. I am honored to take on this new
role for the next phase of the Company’s transformation,” said
Thilo Semmelbauer, Chairman-Elect of the Board.
Mr. Semmelbauer has been a director since September 2016. He
served as a member of our former Interim Office of the Chief
Executive Officer from September 2016 to July 2017. Since May 2019,
Mr. Semmelbauer has served as Managing Director of Insight
Partners, a global private equity and venture capital firm, where
he previously served as a Senior Advisor from 2017 to 2019 and a
Venture Partner from 2015 to 2017. From 2010 to 2015, he served as
President and Chief Operating Officer of Shutterstock, Inc., a
global marketplace for licensing images, videos, and music to
businesses worldwide. Mr. Semmelbauer was also Weight Watchers
International, Inc.'s Global Chief Operating Officer from 2006 to
2008 and Chief Operating Officer for North America from 2004 to
2006, after serving as President and Chief Operating Officer of
WeightWatchers.com from 2000 to 2004 where he was part of the
founding team. He holds an A.B. in Electrical Engineering and
Computer Science from Dartmouth College and a dual M.S. in
Management and Electrical Engineering from the Massachusetts
Institute of Technology.
About WW International, Inc. WeightWatchers is
a human-centric technology company powered by our proven,
science-based, clinically effective weight loss and weight
management program. For nearly six decades, we have inspired
millions of people to adopt healthy habits for real life. We
combine technology and community to help members reach and sustain
their goals on our program. To learn more about the WeightWatchers
approach to healthy living, please visit ww.com. For more
information about our global business, visit our corporate website
at corporate.ww.com.
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based on management's current
expectations and beliefs, as well as a number of assumptions
concerning future events. These statements are subject to risks,
uncertainties, assumptions and other important factors. Readers are
cautioned not to put undue reliance on such forward-looking
statements because actual results may vary materially from those
expressed or implied. The reports filed by the Company pursuant to
United States securities laws contain discussions of these risks
and uncertainties. The Company assumes no obligation to, and
expressly disclaims any obligation to, update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Readers are advised to review the
Company's filings with the United States Securities and Exchange
Commission (which are available on the SEC's EDGAR database at
www.sec.gov and via the Company's website at corporate.ww.com).
For more information, contact:Investors:Corey
Kingercorey.kinger@ww.com
Media:Kelsey Merkelkelsey.merkel@ww.com
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