You might also like
Planet Fitness, Inc. (PLNT) is a leading franchisor and operator of fitness centers worldwide, known for its accessible and non-intimidating environment. The company provides affordable gym memberships and operates through a combination of franchise and corporate-owned fitness centers. Planet Fitness sells gym memberships and fitness equipment, catering to a broad demographic, including those who may find traditional gyms intimidating or costly.
- Corporate-owned Clubs - Operates fitness centers throughout the U.S., Canada, and Spain, offering memberships, fitness instruction, and retail sales.
- Franchise - Manages franchising operations in the U.S., Puerto Rico, Canada, Panama, Mexico, Australia, and Spain, generating revenue through royalties and franchise fees.
- Equipment - Sells fitness equipment to franchisee-owned clubs in the U.S., Canada, and Mexico, with franchisees required to replace equipment every five to nine years.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Craig Benson ExecutiveBoard | Interim Chief Executive Officer | CEO of Soft Draw Investments, LLC; Vice Chairman of Trustees at Babson College; Franchisee of Dunkin’ Donuts LLC; Owner of DA Business Enterprises, LLC; 10% Owner of Radianse | Former Governor of New Hampshire and co-founder of Cabletron Systems. Joined PLNT Board in 2017 and became Interim CEO in 2023. | |
Bill Bode Executive | Chief Operating Officer | None | Joined PLNT in 2016. Previously held leadership roles at Dunkin’ Brands. Transitioning to COO effective March 2025. | |
Brian Povinelli Executive | Chief Marketing Officer | None | Former Global Head of Marketing & Brand at Marriott International. Appointed Chief Marketing Officer of PLNT in February 2025. | |
Chip Ohlsson Executive | Chief Development Officer | None | Former EVP and Chief Development Officer at Wyndham Hotels & Resorts. Appointed Chief Development Officer of PLNT in January 2025. | |
Colleen Keating Executive | Chief Executive Officer | None | Former CEO of FirstKey Homes and COO at InterContinental Hotels Group. Appointed CEO of PLNT in 2024. | |
Jamie Medeiros Executive | Chief Brand Officer | None | Oversees brand initiatives at PLNT. Reports to Chief Marketing Officer Brian Povinelli. | |
Jay Stasz Executive | Chief Financial Officer | None | Former CFO at Savers Value Village and Ollie's Bargain Outlet. Appointed CFO of PLNT in November 2024. | |
Thomas Fitzgerald Executive | Chief Financial Officer | Board Member at Premier Franchise Management | Joined PLNT in 2020. Previously CFO at Potbelly Sandwich Works and Charming Charlie Inc. Retiring effective September 1, 2024. | |
Bernard Acoca Board | Director | CEO of Zaxby's | CEO of Zaxby's since 2022. Joined PLNT Board in 2021. | |
Cammie Dunaway Board | Director | Board Member at Red Robin Gourmet Burgers and Flo | Former CMO at Duolingo and Nintendo. Joined PLNT Board in 2017. | |
Christopher Tanco Board | Director | Operating Partner at Princeton Equity Group; Senior Adviser at Alvarez & Marsal Capital; Board Member at Max’s Group Inc., 7-Eleven Mexico, and 7-Eleven International | Former COO at 7-Eleven. Joined PLNT Board in 2021. | |
Enshalla Anderson Board | Director | Global Head of Brand Strategy, Google Cloud | Joined PLNT Board in 2020. Leads global brand strategy and creative teams at Google Cloud. | |
Frances Rathke Board | Director | Board Member at Green Mountain Power, John Hancock Investments, Oatly, and Flynn Center for Performing Arts | Former CFO of Keurig Green Mountain and Ben & Jerry’s. Joined PLNT Board in 2016. | |
Stephen Spinelli, Jr. Board | Chair of the Board | President of Babson College; Board Member at Berwind Corporation and Fyzical Therapy and Balance Centers | Co-founder of Jiffy Lube and former President of Philadelphia University. Chair of PLNT Board since 2017. |
- With the recent increase of the classic card price from $10 to $15 for new members, have you considered adjusting prices for existing members, and how might this impact member retention and the overall volume-driven growth strategy?
- Can you provide more details on the specific SG&A investments planned for Q4, including the magnitude and areas of focus, and how these investments will set the company up for a successful 2025?
- Given the slight decline in membership in Q3 following the price increase, what strategies are in place to sustain net member growth and mitigate potential churn, especially among price-sensitive segments?
- How are you addressing franchisee concerns regarding build-out costs and the economic model, and what additional steps are being taken to enhance franchisee returns and stimulate new club development?
- Could you elaborate on your international expansion plans, particularly in markets like Mexico, Spain, and Australia, and what challenges do you anticipate in achieving scale and density in these regions?
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Five Stores in Mexico (Franchisee-Owned Stores) | 2023 | Planet Fitness finalized a settlement on October 20, 2023 to acquire five franchisee-owned stores in Mexico for a total settlement of $31,619, after initially recording an estimated liability of $8,550 that was later revised, thereby resolving long-standing contractual disputes. |
Four Franchise Stores in Florida | 2023 | Planet Fitness acquired four franchise stores in Florida on April 16, 2023, paying approximately $26.3 million (net $26.15 million after recording a loss of $110,000), and financed the purchase through cash on hand to expand its Corporate-owned stores segment and boost revenue and EBITDA. |
Sunshine Fitness Growth Holdings, LLC | 2022 | Planet Fitness, Inc. acquired Sunshine Fitness Growth Holdings, LLC on February 10, 2022 for approximately $825.7 million—a mix of $431.9 million in cash and $393.7 million in equity—acquiring 114 stores across multiple states and significantly diversifying its geographic footprint, with substantial recorded goodwill and intangible assets, and strategic operational benefits. |
Recent developments and announcements about PLNT.
Earnings
New Earnings (Q4 2024)
·Feb 25, 2025, 3:54 PMView full earnings summary →PLNT's Q4 saw Black Card penetration reach 64% (up 2pts) alongside a $5 classic price hike, fueling comps. Management targets 200+ new openings annually within a few years, signaling robust expansion despite tight 4% real estate vacancy and slower near-term growth.
Press Releases
Press Release
·Feb 13, 2025, 11:27 PMView full press release →Planet Fitness realigns its leadership team: Bill Bode, with 8 years at the company, is appointed COO while Jennifer Simmons, with 11 years, becomes Chief Strategy Officer. This revamp supports growth ahead of FY24 results and the 2025 outlook on Feb. 25.