Planet Fitness Ousts Longtime CEO Chris Rondeau – C-Suite Transitions

In an extraordinary turn of events, this week witnessed a deluge of unexpected departures and dismissals, showcasing four unusual resignations that have raised eyebrows and intrigue.

• Orthofix (OFIX) made a major move by parting ways with its CEO, CFO, and CLO for ‘inappropriate and offensive conduct’.
• The CEO of DocGo (DCGO) stepped down amidst a scandal related to false claims about educational credentials.
• The Board of Planet Fitness (PLNT) opted to replace its CEO, who had been in the role for a decade.

This week, we’ll explore Planet Fitness (PLNT), a fitness chain co-founded by the Grondahl brothers, Marc and Michael, known for their distinctive practice of offering free pizza to gym-goers every month and providing memberships for just $10! The Board decided to remove Chris Rondeau from his position as CEO the same day it was announced. Interestingly, the Grondahl brothers initially hired Mr. Rondeau while he was still a college student in 1994, placing him at the gym’s front desk.

Welcome to edition 59 of C-Suite Transitions, a weekly series on InsideArbitrage that tracks appointments and departures at publicly traded companies during the prior week. We highlight five appointments and departures each week by picking the largest companies from the full list of management changes.

Sudden Departures

1. BKTI: On September 15, 2023, BK Technologies President Timothy A. Vitou notified the Board of Directors of his planned retirement and resignation from his position effective October 12, 2023.
2. CBOE: On September 19, 2023, Cboe Global Markets Chief Executive Officer Edward T. Tilly resigned after failing to disclose personal relationships with colleagues.
3. HSTO: On September 18, 2023, in connection with the approval by the Board of directors of Histogen of the plan of liquidation and dissolution of the company: President, Chief Executive Officer Steven J. Mento, Chief Scientific Officer Alfred P. Spada were terminated effective September 30, 2023.

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