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On September 15, 2023, Planet Fitness made a sudden announcement regarding the departure of its CEO, Chris Rondeau, who had been with the company for an extended period. This decision was initiated by the Company’s Board, citing the need for a “transition to new leadership.” It’s important to note that no permanent successor had been identified at the time of the announcement.
Previously, in both January and February of 2023, The Bear Cave had issued reports that brought attention to various concerns surrounding the fitness franchise. These reports included information about consumer grievances related to overbilling, fraudulent transactions, excessive fees, memberships that were difficult to cancel, and inquiries from multiple State Attorneys General Offices.
Shares of Planet Fitness, Inc. stock dropped more than 14% in intraday trading on September 15, 2023.