Oprah Winfrey has lost nearly $117 million since first investing in Weight Watchers last October.
When the media mogul announced her new involvement with the diet company last year, which included a purchase of 10 percent stake and a seat on the board of directors, Weight Watchers stock shot up 300 percent within weeks.
Since then, it has dropped back down to earth, costing the company nearly $1 billion in market valuation, according to Forbes. The dramatic losses led to the resignation of CEO Jim Chambers on Monday.
Chief Financial Officer Nicholas Hotchkin and two board members will now run the company on an interim basis.
Weight Watchers’ stock fell by 5.4 percent after hours Tuesday to $9.80, well below the high-water mark of $28 last November, and only slightly higher than its $6.79 price before Winfrey announced her partnership with the company. Investors now value it at a little more than $600 million.
“Board members, including Oprah Winfrey and myself, will be actively involved in the search for a new CEO, and look forward to working with her or him in shaping the future of Weight Watchers,” Weight Watchers Chairman Ray Debbane said in a statement.