Craig Benson Appointed Interim Chief Executive
Officer, Effective Immediately
HAMPTON,
N.H., Sept. 15,
2023 /PRNewswire/ -- Planet Fitness, Inc. (NYSE: PLNT) (the
"Company"), today announced that Craig R.
Benson, a member of the Company's Board of Directors, has
been appointed Interim Chief Executive Officer, effective
immediately. Benson's appointment follows the decision by the Board
to transition to new leadership, resulting in Chris Rondeau's departure as the Company's CEO.
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. Rondeau will continue to serve the Company in
an advisory role as contemplated under his existing agreements with
the Company to help ensure a smooth transition.
In connection with this transition, the Board is engaging a
leading executive search firm to assist in a comprehensive search
process to identify a permanent CEO, with both internal and
external candidates being considered.
"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. (Ph.D.),
Chairman of the Board. "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. The Board remains committed to
overseeing the execution of the Company's strategy as we begin our
search for Planet Fitness' next permanent leader and solidify our
position as a differentiated and disruptive force in the health and
wellness space for years to come."
"Planet Fitness is a truly unique brand with a strong track
record of growth and opportunity to drive long-term value
creation," said Benson. "Having served on the Company's Board for
six years and as a Planet Fitness franchise owner, I am deeply
familiar with the business. Planet Fitness has a solid foundation
in place, with further runway for growth by strengthening our
branded messaging, ensuring we continue to allocate capital with
discipline and focus on the highest return opportunities, including
both domestically and internationally, and supporting our
franchisees who are key partners in our efforts to drive
shareholder value. I am ready to hit the ground running and look
forward to working alongside the management team and employees to
ensure a seamless transition for all of our stakeholders."
Spinelli concluded, "On behalf of the Board, I'd like to thank
Chris for his 30 years of service to Planet Fitness. During the
course of his decade long tenure as CEO, Chris has played a
critical role in accelerating our differentiated high-value,
low-price (HVLP) model to significantly grow our membership over
five and a half times to 18.4 million and footprint by four times
to more than 2,400 stores, while cultivating our culture of
judgement free fitness to improve the lives of millions of members.
We appreciate his continued support to help ensure a smooth
transition."
"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. "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."
The management change is not the result of any material or
unexpected financial events.
About Craig Benson
Benson has served on the Planet Fitness Board of Directors since
July 2017. He currently serves as the
Chief Executive Officer at Soft Draw Investments, LLC. Benson has
also been a franchisee of Dunkin' Donuts LLC for over 15 years with
147 stores. He previously served as the 79th Governor of the
State of New Hampshire. During his
tenure, the Cato Institute recognized Benson as the most effective
new governor in the country, as well as the second most effective
of all governors nationwide. In 1983, Benson co-founded Cabletron
Systems, Inc., a leading provider of networking solutions. During
Benson's 17-year tenure, he served in various roles as Cabletron's
Chairman, CEO, COO and President, helping take the company from a
garage start-up to a publicly traded company with 7,000 employees
and annual sales exceeding $1.6
billion. He serves as the Vice Chairman of the Trustees of
Babson College. He previously served as
a Director of Sycamore Networks Inc. from October 2007 to April
2013. Benson graduated from Babson
College with a degree in Finance and completed an MBA in
Operations Management from Syracuse
University. He also holds honorary degrees from Dartmouth College, Thomas
Jefferson University, the University of
New Hampshire and Grand Valley State
University.
About Planet Fitness
Founded in 1992 in Dover, NH,
Planet Fitness is one of the largest and fastest-growing
franchisors and operators of fitness centers in the world by number
of members and locations. As of June 30,
2023, Planet Fitness had more than 18.4 million members and
2,472 stores in 50 states, the District
of Columbia, Puerto Rico,
Canada, Panama, Mexico and Australia. The Company's mission is to enhance
people's lives by providing a high-quality fitness experience in a
welcoming, non-intimidating environment, which we call the
Judgement Free Zone®. More than 90% of Planet Fitness stores are
owned and operated by independent business men and women.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the federal securities laws, which involve risks and
uncertainties. Forward-looking statements include the Company's
statements with respect to expected future performance, the
management transition and other statements and projections that do
not relate solely to historical facts. Forward-looking statements
can be identified by words such as "believe," "expect," "goal,"
"plan," "will," "prospects," "future," "strategy" and similar
references to future periods, although not all forward-looking
statements include these identifying words. Forward-looking
statements are not assurances of future performance. Instead, they
are based only on the Company's current beliefs, expectations and
assumptions. Because forward-looking statements relate to the
future, they are subject to inherent uncertainties, risks and
changes in circumstances that are difficult to predict and many of
which are outside of the Company's control. Actual results may
differ materially from those indicated in the forward-looking
statements. Important factors that could cause our actual results
to differ materially include our ability to transition to a new
interim CEO, our ability successfully identify and engage a
permanent CEO and the other factors described in the Company's
annual report on Form 10-K for the year ended December 31, 2022, and the Company's other
filings with the Securities and Exchange Commission. In light of
the significant risks and uncertainties inherent in forward-looking
statements, investors should not place undue reliance on
forward-looking statements, which reflect the Company's views only
as of the date of this press release. Except as required by law,
neither the Company nor any of its affiliates or representatives
undertake any obligation to provide additional information or to
correct or update any information set forth in this release,
whether as a result of new information, future developments or
otherwise.
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SOURCE Planet Fitness, Inc.