Weight Watchers International has announced the surprise exit of CEO James Chambers, a move that comes three years after he was appointed to the position.
The company said that following a “joint decision” between Chambers and the board of directors, he will resign from the post at the end of September 2016. The move follows a string of poor results for Weight Watchers, which has come under pressure from rivals.
Chambers will be succeeded on an interim basis by a three-person Office of the CEO, comprising of CFO Nicholas Hotchkin, former executive Thilo Semmelbauer, and director Christopher Sobecki.
Weight Watchers also said that TV celebrity Oprah Winfrey (along with a search committee) will be “actively involved” in the search for his replacement. Oprah holds a nearly 15% stake in the company.