Planet Fitness Ousts Longtime CEO Chris Rondeau, Stunning Employees and Investors
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Planet Fitness announced the sudden ousting of CEO Chris Rondeau, who had been with the company for 30 years.
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The board's decision stunned investors and employees, causing shares to drop 15% to a 52-week low.
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Craig Benson, a board member and franchisee, will serve as interim CEO while a search is conducted.
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Rondeau led Planet Fitness through major growth, including its IPO, since becoming CEO in 2013.
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The board said now was the right time for a leadership transition to take the company into its "next chapter."