US Markets
Friday, September 15th, 2023 6:59 pm EDT
Key Points
- Planet Fitness’ board ousted CEO Chris Rondeau.
- The company’s stock fell after the news, hitting a 52-week low.
- The move stunned Planet Fitness employees, a source told CNBC.
Planet Fitness has removed its CEO, Chris Rondeau, from his position. The fitness chain’s board decided to make the leadership change, and Rondeau’s departure comes as a surprise to investors and employees. Craig Benson, a former governor of New Hampshire and a member of Planet Fitness’s board, will serve as interim CEO while the company searches for a new leader.
Rondeau, who has been with the company for nearly 30 years, will remain on the board and provide advisory support during the transition. Planet Fitness has been facing challenges related to equipment and new franchise growth, which have caused concern among investors.
Read full article here: https://www.cnbc.com/2023/09/15/planet-fitness-shares-sink-after-board-ousts-ceo.html
