Celebrities in the Boardroom.

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When the board of directors of WW (formerly known as Weight Watchers) held its annual shareholder's meeting in New York City on Tuesday, the company's most famous board member, Oprah Winfrey, was conspicuous by her absence because of an unspecified "scheduling conflict."

Investors in the New York-based company, whose shares have slumped more than 40% this year, are eager to hear from Winfrey given the company's plans to rely more heavily on the billionaire media mogul/ex-TV show host for marketing after its "slow start" this year. The 65-year-old Winfrey is feeling the pinch, too, since she also is the company's largest individual...

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