According to 24 Hour Fitness, based upon a mutually-agreed decision between Mark Smith and the Board of Directors of 24 Hour Fitness, Smith has stepped down as the company’s CEO. Effective immediately, Frank Napolitano, the current president of 24 Hour Fitness, will assume the role of acting CEO.
“We are thankful for Mark’s contribution to the company over the past two and a half years,” said Frank Napolitano, in a press release. “During Mark’s tenure, the company maintained a strong and consistent level of revenue and EBITDA. I look forward to working with the rest of the executive management team to keep driving results in the business and to grow our company.”
Smith became CEO of 24 Hour Fitness in 2014. Smith was named CEO when AEA Investors, the Ontario Teachers’ Pension Plan and Fitness Capital Partners completed the acquisition of the company from Forstmann Little & Co in June 2014. Today 24 Hour Fitness is jointly-owned by the affiliates of AEA Investors LP, Ontario Teacher’s Pension Fund, and Fitness Capital Partners, LLC.
Previously, Smith took the place of Elizabeth Blair, who was named CEO of 24 Hour Fitness in September 2013.
Headquartered in San Ramon, California, 24 Hour Fitness serves nearly 4 million members in over 425 clubs across the U.S.