Controversial Weight-Loss App Noom Searches for New CEO

tech.hindustantimes.com:

Noom Inc., the maker of a controversial weight loss app, is looking for a new chief executive officer to replace co-founder and CEO Saeju Jeong.

Jeong will remain in the post while the New York-based company conducts an external search for a successor, a spokesperson confirmed. He will become executive chairman when a new CEO is named, the company said Friday in a statement. Noom's other co-founder, Artem Petakov, is president of the company.

Noom, which introduced its weight-loss app in 2016, was valued by investors at $3.7 billion in 2021. Its app color-codes foods into categories like green and yellow, tracks calories and offers lifestyle tips in an attempt to help users lose weight and keep it off. A subscription to Noom costs about $60 a month.

The closely held company told Bloomberg in July that it brought in about $400 million in revenue in 2020. Noom has raised more than $650 million, according to Crunchbase data.

In July, Noom paid $56 million to settle a lawsuit that alleged it tricked users into automatically renewing their subscriptions.