Life Time Fitness announced that Michael R. Robinson, the company’s current chief financial officer and executive vice president, plans to retire in early 2014.
Robinson has been with Life Time Fitness since March 2002. Prior to working at Life Time Fitness, Robinson served as the executive vice president and CFO of Next Generation Network, Inc., from April 2000 to March 2002.
According to Bahram Akradi, the chairman, president and CEO of Life Time Fitness, Robinson played an integral role in the company’s past and recent financial milestones. “During his tenure, we have achieved many significant financial milestones, including an increase in revenue from $200 million to more than $1 billion, an initial public offering in 2004 and market capitalization in excess of $2 billion,” said Akradi, in a statement. “Additionally, Mike’s proven leadership and track record in overseeing the company’s accounting and finance functions has been critical in support of the healthy way of life organization Life Time has become.”
As a result of Robinson’s planned retirement, Life Time will initiate a search for a new chief financial officer.
Robinson explained that he is grateful for his time spent at Life Time Fitness, but is looking forward to spending more time with his family. “I am proud to be a part of the Life Time team alongside so many talented and dedicated individuals,” said Robinson, in a statement. “Together, we have built an organization that is well positioned for continued growth and success, all while making an ongoing positive impact upon the state of health in America. I look forward to supporting a seamless transition early next year with plans to spend more time with family and pursue other personal interests thereafter.”
On August 19, 2013, Life Time Fitness announced that its board of directors had authorized a share repurchase program, allowing the company to repurchase up to $200 million of its outstanding common stock.
According to Life Time Fitness, the new program will replace a $60 million share repurchase program that expired on August 17, 2013. Under the former program, the company had repurchased approximately 1.1 million shares, at a total cost of approximately $50 million.
Concerning the new program, Akradi stated: “We remain focused on accelerating our growth and delivering solid returns. At the same time, our strong balance sheet and cash flow allow us to establish this new program. In doing so, we have the flexibility to repurchase shares to offset the impact of new share issuances and purchase additional shares opportunistically should business and market conditions warrant.”
As of August 27, 2013, Life Time Fitness stock (NYSE: LTM), was valued at $50.35, down 2.59 percent.
By Rachel Zabonick
