On September 15, 2023, Planet Fitness announced its board decided to transition to new leadership, removing CEO Chris Rondeau and appointing Craig R. Benson as interim CEO.
According to a press release from the company, Rondeau will continue to serve as a member of the company’s Board of Directors and will be nominated for re-election at the company’s 2024 annual meeting.
The board is now embarking on a search to identify a new, permanent CEO.
In light of the news, Planet Fitness’ stock dropped 15%, hitting a 52 week low, according to CNBC.
“As we enter the next chapter of Planet Fitness’ journey, the board felt that now was the right time to transition leadership,” said Stephen Spinelli, Jr. chairman of the board, in a press release. “In today’s evolving environment, Planet Fitness is continuing to enhance our competitive advantage, capitalize on our size and scale, and drive further shareholder value. As a board member and Planet Fitness franchisee, Craig knows our business well, while also bringing deep public and private sector executive leadership experience to this role. The board is confident that he is the ideal leader to oversee the business during this transition period.”
Benson is the former governor of New Hampshire and has served on Planet Fitness’ board for six years. He is a franchisee of both Planet Fitness and Dunkin’ Donuts.
Rondeau has served as CEO of Planet Fitness since 2013 and has been with the brand for 30 years.
“My 30-year career at Planet Fitness has been an incredible ride, and it’s been an honor to lead this company and serve our employees, franchisees and members, all of whom have played a key role in our tremendous growth and success,” said Rondeau in a statement. “I am grateful for and look forward to supporting the management team in an advisory capacity, and have confidence in the long-term potential of Planet Fitness.”
Planet Fitness was founded in 1992 and boasts 2,472 stores in 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia.
