Shares of Planet Fitness fell about 13% after the gym chain’s board ousted longtime Chief Executive Chris Rondeau.
The stock dropped 16% to $50.29, its lowest level since August 2020. So far this year, shares are down about 36%.
Rondeau, who had been CEO since 2013 and served as chief operating officer for the 10 years before that, will continue to serve on the company’s board and will be nominated for re-election at the 2024 annual meeting as part of his separation agreement.
Read the full story on The Wall Street Journal here.