Planet Fitness CEO Abruptly Steps Down After 30 Years, Stock Plunges as Company Faces Uncertain Future
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Planet Fitness CEO Chris Rondeau is abruptly stepping down after 30 years with the company, surprising Wall Street. The stock plunged 16% on the news.
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Rondeau grew Planet Fitness's membership 5x to 18.4 million and stores 4x to 2,400 during his decade as CEO.
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The board named board member and franchisee Craig Benson as interim CEO as it searches for a permanent replacement.
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The sudden change raises questions about Planet Fitness's strategy going forward under new leadership.
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Analysts say the transition could accelerate strategic changes like raising membership prices, but also causes uncertainty.