Planet Fitness ousted CEO Chris Rondeau, a 30-year company veteran, the fitness center chain announced on Friday.
Craig Benson, a member of the company’s board of directors and former New Hampshire governor, has been appointed interim CEO. The changes are effective immediately.
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Planet Fitness shares slid 13% in intraday trading.
Rondeau will remain a member of the board and be nominated for re-election at the company’s 2024 annual meeting. He will also maintain an advisory role to help ensure a smooth leadership transition.
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“As we enter the next chapter of Planet Fitness’ journey, the Board felt that now was the right time to transition leadership,” Planet Fitness Chairman Stephen Spinelli said in a statement.
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According to the statement, the management change is not the result of any material or unexpected financial events.