Craig Benson, the former governor of New Hampshire and a member of the company’s board, will serve as the interim CEO.=
Rondeau is a longtime veteran of the company, working his way up from a front desk position nearly 30 years ago at the gym’s first location in Dover, New Hampshire when it was owned by founders Michael and Marc Grondahl. Rondeau has served as CEO since 2013 and previously held the role of chief operating officer. He will continue as a member as of the board of directors and will stay on in an advisory role “to help ensure a smooth transition,” the company said.
While the company recently posted strong sales and profit growth, investors have grown wary over its plans for equipment and new franchises, which are both key revenue drivers for the business. During a call with analysts, finance chief Thomas Fitzgerald noted the company’s plans to open 600 new stores by 2025 may no longer be possible. He said the goal was still “achievable in the relative near term” but it may take longer than three years.
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