WW International names interim finance exec as CFO departs

Dive Brief:

New York-based WW International announced that CFO Amy O’Keefe stepped down from her role as finance chief as of Friday though she is remaining with the company through the end of the year to support the finance team.
Heather Stark, a 12 year veteran of the company formerly known as Weight Watchers, has assumed the role of interim principal financial officer. Stark was most recently head of North American Finance.
O’Keefe’s exit comes amid other senior leadership changes and as the company is seeking to become more “tech-centric” — Tiffany Stevenson was appointed as chief people officer and David Cohen was appointed as chief data officer, according to the release.

Dive Insight:

O’Keefe, who has been at the financial helm of the weight loss management platform for only two years, is departing as the company continues to face headwinds stemming from the move to digital, uncertainties in foreign markets and subscriber losses.

During her time at WW, O’Keefe played a role in the company’s rationalization strategy, according to CEO Sima Sistani. “Amy has been a valuable partner to me since I joined in March and I would particularly like to thank her for her support in our organizational realignment and rationalizing our studio footprint, as well as the successful refinancing in 2021,” Sistani said in a statement.

In-person meetings and workshop offerings have long been a pillar of Weight Watcher’s core business but the company has been forced to move online as the industry has evolved to become increasingly digital to compete with other firms such as Noom, Nutrisystem and Tivity health.

Weight Watchers reported a 17.3% decline in digital subscribers in the third quarter ended Oct. 1 compared to the year-earlier period, according to a Nov. 3 SEC filing. The company’s revenues also fell 10.7% in the quarter year-over-year.

Some competitors are also struggling. Weight-loss app Noom announced it was slashing its workforce, mostly in coaching, as their CFO departed back in October, CFO Dive previously reported.