Planet Fitness ousted CEO Chris Rondeau, a 30-year company veteran, the fitness center chain announced on Friday.
Craig Benson, a member of the company’s board of directors and former New Hampshire governor, has been appointed interim CEO. The changes are effective immediately.
Planet Fitness shares slid 13% in intraday trading.
Rondeau will remain a member of the board and be nominated for re-election at the company’s 2024 annual meeting. He will also maintain an advisory role to help ensure a smooth leadership transition.
“As we enter the next chapter of Planet Fitness’ journey, the Board felt that now was the right time to transition leadership,” Planet Fitness Chairman Stephen Spinelli said in a statement.
According to the statement, the management change is not the result of any material or unexpected financial events.