Christopher Tanco
Planet FitnessAbout Christopher Tanco
Independent director of Planet Fitness since January 2021; age 63. Former EVP & COO of 7‑Eleven (2015–2022) and global franchising/operator with 20+ years’ experience across international expansion, franchise operations, and digital innovation; BA Ateneo de Manila University, MBA (Darden, University of Virginia) . The Board has determined he is independent under NYSE rules .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| 7‑Eleven, Inc. | Executive Vice President & Chief Operating Officer; led franchise and corporate ops for 15,000 stores; digital initiatives, restaurant expansion, field merchandising, “store of the future,” fuels, Canada BU | Dec 2015 – May 2022 | Oversaw large-scale operating transformation and digital initiatives |
| 7‑Eleven, Inc. | EVP, International; led business across 18 countries | Nov 2009 – Nov 2015 | International growth and operations leadership |
| Pizza Hut (Yum! Brands) | Chief Franchise Officer | Prior to 2009 | Franchise leadership (U.S. and international) |
| Yum! Brands | Various operations, international, GM and franchise leadership roles | Prior to Pizza Hut CFO role | Multi-brand franchise/operator experience |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Princeton Equity Group | Operating Partner | Since Sep 2022 | Private equity operating partner focused on franchised/consumer services |
| Alvarez & Marsal Capital | Senior Adviser | Since Mar 2023 | Advisory role |
| Max’s Group Inc. | Director | Current | Board member |
| 7‑Eleven Mexico S.A. de C.V. | Director | Current | Board member |
| 7‑Eleven International LLC | Director | Current | Board member |
| 7‑Eleven, Inc.; Urban Air Adventure Parks | Director | Prior | Former board roles |
Board Governance
- Class I director; nominated for re‑election at the 2025 annual meeting to serve through the 2028 meeting .
- Committee assignments: Audit Committee (member); Compensation Committee (member); not a chair .
- Financial expertise: Board determined he is “financially literate” for NYSE/SEC purposes (Audit Committee) .
- Independence: Board determined Tanco is an independent director .
- Attendance: Board met 8 times in 2024; each director attended at least 75% of Board and committee meetings; all directors attended the 2024 annual meeting .
- Engagement: Regular executive sessions of non‑management directors; three standing committees with defined oversight of risk, compensation, and governance/ESG .
- Compensation committee interlocks: None; no officer roles; no interlocks with other issuers’ comp committees .
Fixed Compensation (Non‑Employee Director – 2024)
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual Cash Retainer | $70,000 | Standard 2024 non‑employee director retainer |
| Audit Committee Member Fee | $12,500 | Member fee (not chair) |
| Compensation Committee Member Fee | $10,000 | Member fee (not chair) |
| Fees Earned or Paid in Cash (reported) | $92,500 | Sum of retainer + committee fees; elected shares in lieu of cash (program option) |
- Election to take equity in lieu of cash: Each director except Mr. Acoca elected to receive fully‑vested shares in lieu of cash retainers in 2024 (alignment with shareholders) .
Performance Compensation (Equity for Directors)
| Item | Detail |
|---|---|
| 2024 Director RSU Grant (Grant‑date FV) | $114,953; vests in full on first anniversary of grant while serving |
| Unvested RSUs at 12/31/2024 | 1,921 RSUs (each non‑employee director, including Tanco) |
| 2024 Total Director Comp (Tanco) | $207,453 (Fees $92,500 + Stock Awards $114,953) |
| Mix (Equity vs. Retainer) | ~55.4% equity, ~44.6% retainers based on reported totals |
| 2025 Program Update | Annual director RSU target increases to $145,000; chair retainer updated; vesting on earlier of 1‑year or next annual meeting; continued option to take stock in lieu of cash |
Note: Director equity vests time‑based (no performance metrics). The company prohibits hedging, short sales, and pledging by directors under its insider trading policy .
Other Directorships & Interlocks
- Current boards: Max’s Group Inc.; 7‑Eleven Mexico S.A. de C.V.; 7‑Eleven International LLC .
- Prior boards: 7‑Eleven, Inc.; Urban Air Adventure Parks .
- Compensation committee interlocks: None disclosed for Tanco or other members; no insider participation .
Expertise & Qualifications
- Franchising and multi‑unit operations (Pizza Hut/Yum!, 7‑Eleven global and U.S. network) .
- International growth, strategic planning, and digital innovation at scale .
- Private equity operating partner and adviser (Princeton Equity Group; Alvarez & Marsal Capital) .
- Academic credentials: BA (Ateneo de Manila University); MBA (Darden School of Business, UVA) .
Equity Ownership
| Metric | Value |
|---|---|
| Class A Shares Beneficially Owned | 10,196 shares (<1%) |
| Class B Shares | None |
| Unvested RSUs (12/31/2024) | 1,921 RSUs |
| Director Ownership Guidelines | 5x annual cash retainer; all non‑employee directors met requirement as of 12/31/2024 |
| Hedging/Pledging Policy | Prohibited for directors; trading only within policy/10b5‑1 plans |
Related‑Party & Conflicts Check
- Related‑party transactions: None disclosed for Tanco; Audit Committee oversees and pre‑approves related‑party transactions .
- Section 16(a) compliance: No delinquencies disclosed for Tanco; a late Form 5 was disclosed only for Gov. Benson (gift) .
- Independence: Affirmatively determined independent by the Board .
Say‑on‑Pay & Shareholder Feedback (Context)
- 2024 say‑on‑pay support was nearly 94% of votes cast, signaling generally strong investor support for compensation governance .
- Governance enhancements: Proxy access adopted in March 2025; proposals to remove supermajority voting requirements; expanded director equity program, reflecting responsiveness to investor feedback .
Governance Assessment
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Strengths for investor confidence:
- Independent director with deep franchising and multi‑unit operating expertise; financially literate; serves on both Audit and Compensation committees—key for oversight of controls and pay .
- Good engagement signals: >75% meeting attendance; Board met eight times; regular executive sessions; committee activity robust (Audit 5x; Comp 6x; Nominating 5x) .
- Alignment: Meaningful equity component; elected to take retainer in stock; compliant with 5x retainer ownership guideline; hedging/pledging prohibited .
- No related‑party ties or interlocks; clean Section 16 record .
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Monitoring items:
- Multiple external board/advisory roles (PE/portfolio and international boards) warrant routine oversight for time commitments and potential information flow, though no conflicts disclosed in proxy .
- Director equity awards are time‑based (not performance‑conditioned), though overall board equity mix remains a standard market practice and 2025 updates increased equity retainer, enhancing alignment .
Overall, Tanco’s independence, committee coverage, financial literacy, and ownership alignment support board effectiveness with no red flags disclosed in related‑party or compliance areas .