Planet Fitness Tumbles While Wall Street Mulls Abrupt CEO Departure
- CEO Chris Rondeau will leave as board announces transition
- Leadership change surprised analysts who are mostly bullish
A Planet Fitness Inc. location in Louisville, Kentucky.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Planet Fitness Inc. sank after the company announced the immediate departure of its Chief Executive Officer Chris Rondeau, who’s held the position for more than a decade.
Shares fell 16% Friday to close at about $50 per share, the lowest level since 2020. The company said that Rondeau will remain a member of the board and will be nominated for reelection in 2024. Planet Fitness also appointed board member Craig R. Benson its interim CEO and has started a search for a permanent leader.