New Hampshire-based Planet Fitness has ousted its CEO Chris Rondeau and installed former Gov. Craig Benson, a longtime company board member, as interim leader.

According to a company press release issued Friday, the shakeup is the result of “the decision by the Board to transition to new leadership,” and “not the result of any material or unexpected financial events.”

Rondeau, whose tenure with the company began as a desk clerk at Planet Fitness’s original location in Dover, will continue to serve as a member of the company’s board.

“My 30-year career at Planet Fitness has been an incredible ride, and it’s been an honor to lead this Company and serve our employees, franchisees and members,” Rondeau said in a statement.

Planet Fitness CEO Chris Rondeau and former Gov. Craig Benson testify at a 2015 legislative hearing

News of the move, which reportedly surprised many Planet Fitness employees, prompted a quick 15% drop in value of the company’s stock.

It comes on the heels of a relatively strong patch of business for the gym chain, which ended the first quarter of the year with 18.4 million members and 8.7% systemwide same-store sales growth.


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