Planet Fitness Ousts Longtime CEO Chris Rondeau, Stock Plunges 15%
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Planet Fitness ousted CEO Chris Rondeau in a surprise move that stunned investors and employees.
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The stock dropped 15% after the announcement. The board said it was the right time for a leadership transition.
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Rondeau had been with Planet Fitness for 30 years, rising from the front desk to CEO in 2013.
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Planet Fitness recently lowered its outlook for new gym openings and equipment sales, citing higher costs.
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The company's stock is down 33% this year as investors grow wary of slowing growth.