On September 15, 2023, Planet Fitness announced the abrupt resignation of longtime CEO Chris Rondeau following a decision by the Company’s Board to “transition to new leadership”, despite not having a permanent successor in place.
Previously, the Bear Cave released reports in January and February of 2023 highlighting issues at the fitness franchisor including consumer complaints concerning overbilling, fraudulent transactions, excessive fees, uncancellable memberships, and inquiries from numerous State Attorneys General Offices.
Shares of Planet Fitness, Inc. stock dropped more than 14% in intraday trading on September 15, 2023.
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