Jennifer Simmons
Planet FitnessAbout Jennifer Simmons
Jennifer Simmons is Chief Strategy Officer of Planet Fitness, effective March 3, 2025, after serving as Division President, Corporate Clubs since November 2022 and joining the company in 2013; prior roles included SVP Business Strategy & Analytics (2019) and earlier finance/strategy positions at Timberland, PepsiCo, and Fisher Scientific International . She holds an MBA in Finance from the University of New Hampshire and dual Bachelor’s degrees in Economics and Sociology from Indiana University . As Division President, her 2024 bonus metrics produced a 93.41% of target payout driven by outperforming “New Club Revenue” and near-target Corporate Club Adjusted EBITDA, highlighting strong growth execution with mixed same-store performance . As of year-end 2024, she met Planet Fitness’s executive stock ownership guidelines, signaling alignment with shareholders .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Planet Fitness | Chief Strategy Officer | Mar 2025–present | Responsible for data-driven execution of strategic imperatives and trend identification to position Planet Fitness for category leadership . |
| Planet Fitness | Division President, Corporate Clubs | Nov 2022–Mar 2025 | Led corporate club portfolio performance; exceeded new club revenue targets in 2024; delivered overall 93.41% bonus payout on divisional metrics . |
| Planet Fitness | SVP, Business Strategy & Analytics | Nov 2019–Nov 2022 | Built strategy and analytics functions; instrumental in major strategic decisions . |
| Planet Fitness | Business Analyst (and subsequent roles) | 2013–2019 | Early strategy and analytics contributions supporting corporate strategy . |
| Timberland; PepsiCo; Fisher Scientific International | Finance and Business Planning roles | Pre-2013 | Cross-industry finance/strategy experience foundational to PLNT analytics-led strategy . |
External Roles
No public company directorships or external roles disclosed for Simmons in the latest proxy and related filings .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base salary paid ($) | 324,616 | 400,000 | 430,770 |
| Base salary rate (narrative) | Most recently increased to $400,000 in 2022 | $400,000 (most recent as of 2023) | Most recently increased to $440,000 in 2024 |
| Target bonus (% of salary) | 70% | 70% | 75% |
| Target bonus ($) | 134,400 | 280,000 | 330,000 |
| Actual annual bonus paid ($) | 135,512 | 393,674 | 308,254 |
| All other compensation ($) | 20,766 | 164,330 | 140,350 (incl. $100,000 relocation + $32,188 gross-up; 401k match $8,162) |
Performance Compensation
Annual Bonus Design and Outcomes
- 2024 plan: metrics and weightings for Simmons (corporate club leader): Corporate Club Adjusted EBITDA (33.33%), Corporate Club Same Club Sales (33.33%), New Club Revenue (33.33%); payout curve 25%/100%/200% at threshold/target/max .
- 2024 results for Simmons: Corporate Club Adjusted EBITDA $192.8m (96.9% of target; 80.2% payout for that slice); Corporate Club Same Club Sales $402.0m (96.8% of target; below threshold for that slice); New Club Revenue $3.7m (119.6% of target; 200% payout for that slice); overall payout 93.41% of target; actual bonus $308,254 vs $330,000 target .
- 2023 plan: 80% corporate metrics and 20% personal goals; Simmons achieved 108.4% (corporate) and 100% (personal), resulting in 140.6% of target payout; target $280,000; bonus paid $393,674 .
- 2022 plan: corporate 85.8% and personal 100%; overall payout 100.9% of target; target $134,400; bonus paid $135,512 .
| Year | Metric | Weight | Target | Actual | Payout |
|---|---|---|---|---|---|
| 2024 | Corporate Club Adjusted EBITDA ($m) | 33.33% | 199.0 | 192.8 | 80.2% (slice) |
| 2024 | Corporate Club Same Club Sales ($m) | 33.33% | 415.3 | 402.0 | Below threshold (no payout for slice) |
| 2024 | New Club Revenue ($m) | 33.33% | 3.1 | 3.7 | 200.0% (slice) |
| 2024 | Overall payout vs target | — | — | — | 93.41% |
| 2023 | Corporate metrics (aggregate) | 80% | — | 108.4% of target | — |
| 2023 | Personal goals (aggregate) | 20% | — | 100% | — |
| 2023 | Overall payout vs target | — | — | — | 140.6% |
| 2022 | Corporate metrics (aggregate) | — | — | 85.8% of target | — |
| 2022 | Personal goals (aggregate) | — | — | 100% | — |
| 2022 | Overall payout vs target | — | — | — | 100.9% |
Long-Term Incentives (PSUs/RSUs/Options)
- Mix shift: 2023+ awards are 50% PSUs / 50% RSUs; in 2024 the PSU performance period was lengthened to three years (vs. prior one-year performance + three-year cliff vesting) with adjusted diluted EPS as the metric, 0–200% payout; RSUs vest ratably (2–3 years depending on grant) .
- 2024 grants to Simmons: 4,355 RSUs ($263,957 grant date fair value) and 4,355 PSUs at target ($263,957) granted March 15, 2024 .
| Grant date | Instrument | Target/Units (#) | Grant date fair value ($) | Vesting terms |
|---|---|---|---|---|
| 3/15/2024 | RSU | 4,355 | 263,957 | 3 equal annual installments starting 1-year post grant . |
| 3/15/2024 | PSU (target) | 4,355 | 263,957 | 3-year performance period, vests in full at 3rd anniversary if goals met . |
| 12/4/2023 | RSU | 4,317 (unvested at YE) | 426,822 (YE market value at $98.87) | 2 equal annual installments . |
| 3/15/2023 | RSU | 1,770 (unvested at YE) | 175,000 (YE market value) | 3 equal annual installments . |
| 2023 PSU (earned) | PSU | 2,712 (unvested at YE) | 268,135 (YE market value) | Earned on 1-year performance; cliff vest at year 3 . |
| 2022 PSU (earned) | PSU | 824 (unvested at YE) | 81,469 (YE market value) | Earned at 85.6% of target; cliff vest at year 3 . |
Options
| Grant date | Exercisable (#) | Unexercisable (#) | Strike ($) | Expiration | Vesting |
|---|---|---|---|---|---|
| 3/19/2021 | — | 786 | 78.35 | 3/19/2031 | 4 annual installments . |
| 3/15/2022 | — | 945 | 83.04 | 3/15/2032 | 4 annual installments . |
Option exercising/vesting activity (2024): Simmons exercised 8,155 options (value realized $294,786) and had 5,936 shares vest from stock awards (value realized $526,799) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (Class A) | 9,309 shares (<1%); composed of 8,051 shares and 1,258 options that have vested or will vest within 60 days . |
| Outstanding unvested awards at 12/31/2024 | RSUs (time-based): 4,317 (12/4/23), 1,770 (3/15/23), 4,355 (3/15/24); PSUs (earned/target): 824 (2022), 2,712 (2023), 8,710 (2024 max reporting convention) . |
| Ownership guidelines | Executives must hold stock equal to 3× base salary; Simmons met requirement as of 12/31/2024 . |
| Hedging/pledging | Prohibited for directors/officers; 10b5-1 plans permitted under policy . |
| Clawback | 2019 discretionary recoupment policy and 2023 SEC/NYSE-compliant mandatory clawback; both in effect . |
Employment Terms
| Provision | Key terms |
|---|---|
| Current role, pay basis | Base salary most recently increased to $440,000 in 2024; target bonus 75% of base; transitioned to Chief Strategy Officer effective Mar 3, 2025 . |
| Severance (no CIC) | 100% of base salary (salary continuation), pro‑rated annual bonus, 12 months of company premium contribution for benefits; time‑based equity that would vest within 12 months continues to vest; performance awards with completed performance period retain payout right . |
| Severance (within 24 months of CIC) | Lump sum equal to 150% of base salary, plus 100% of target annual bonus, plus 12 months of company premium contribution for benefits; equity treatment per plan . |
| Non‑compete / non‑solicit | One year post-employment under employment agreement; under Severance Policy, restrictions apply for a “severance period” equal to 12 × the salary multiple (e.g., 150% → 18 months) . |
| Change announced | Leadership realignment on Feb 12, 2025 moved Simmons to CSO; no changes to her compensatory arrangements in connection with this realignment . |
| Excise tax gross‑ups | Company highlights no excise tax gross‑ups on severance/CIC benefits in governance practices; note Simmons did receive a relocation gross‑up in 2024 . |
Compensation Structure Analysis
- Mix/at-risk pay: 2024 total comp emphasized equity (stock awards $527,914) and performance cash ($308,254), with base salary $430,770; shift away from stock options toward RSUs/PSUs since 2023 lowers risk and increases retention through time-based components and multi-year performance periods .
- Metric rigor/evolution: 2024 PSUs moved from 1-year to 3-year performance period on adjusted diluted EPS, strengthening long-term alignment; annual bonus caps reduced to 200% (from 225%) and eliminated personal goals to tie payouts purely to corporate outcomes in 2024 .
- Divisional accountability: 2024 divisional metrics for corporate clubs drove 93.41% payout; outperformance in new club revenue (200% slice) offset below-threshold same-club sales, highlighting growth-led execution with pressure on same-store dollars .
- One-time items: 2024 included a $100,000 relocation payment and associated tax gross-up of $32,188 for Simmons (plus 401k match), which are non-recurring and not structural increases in fixed compensation .
Risk Indicators & Red Flags
- Insider selling pressure: 2024 option exercises (8,155 options, $294,786 realized) and stock vesting (5,936 shares, $526,799 realized) indicate periodic supply from equity monetization typical of vesting cycles; absence of Form 4 data in this analysis limits visibility into discretionary sales vs. sell-to-cover .
- Pledging/hedging: Prohibited by policy, reducing alignment risk; trades require adherence to preclearance/trading windows or preapproved 10b5-1 plans .
- Clawback coverage: Dual clawbacks (2019 and 2023) mitigate restatement risk and support pay-for-performance integrity .
- Severance structure: Double-trigger style protections via Severance Policy with defined multiples (150% base in CIC) and restrictive covenants scaled by severance period; no excise tax gross-ups on severance/CIC per governance highlights .
Equity Detail at Year-End 2024 (selected items)
| Award | Units (#) | YE 2024 Market Value ($) | Notes |
|---|---|---|---|
| RSU (12/4/2023) | 4,317 | 426,822 | Time-based, 2-year ratable vesting . |
| RSU (3/15/2023) | 1,770 | 175,000 | Time-based, 3-year ratable vesting . |
| RSU (3/15/2024) | 4,355 | 430,579 | Time-based, 3-year ratable vesting . |
| PSU (2022, earned) | 824 | 81,469 | Earned 85.6% of target; vests at year 3 . |
| PSU (2023, earned) | 2,712 | 268,135 | Earned 102.2% of target; vests at year 3 . |
| PSU (2024, max reporting) | 8,710 | 861,158 | Three-year performance period to 12/31/2026 . |
| Options (3/19/2021) | 786 unexercisable | — | $78.35 strike; expire 3/19/2031; 4-year ratable vesting . |
| Options (3/15/2022) | 945 unexercisable | — | $83.04 strike; expire 3/15/2032; 4-year ratable vesting . |
Note: YE market values reflect share price $98.87 on 12/31/2024, per proxy methodology .
Employment Economics in Termination/CIC Scenarios (Illustrative from proxy)
| Scenario (as of 12/31/2024) | Cash Severance ($) | Equity Acceleration/Continuation ($) | Health Benefits ($) | Total ($) |
|---|---|---|---|---|
| Involuntary termination (no CIC) | 748,254 | 920,496 | 19,735 | 1,688,485 |
| Involuntary termination (with CIC) | 990,001 | 2,064,307 | 19,735 | 3,074,043 |
Assumptions per proxy (price $98.87; treatment consistent with Severance Policy) .
Investment Implications
- Pay-for-performance alignment: Bonus design and 3-year PSU performance period strengthen linkage to divisional and corporate outcomes; Simmons’s 2024 outcome (93.41% of target) mirrors divisional performance, with growth-led wins offset by same-store softness .
- Retention risk vs. supply overhang: Meaningful unvested RSUs/PSUs across 2023–2024 vintages support retention into 2026–2027; periodic supply from vesting and any option exercises should be expected, though pledging/hedging prohibitions mitigate adverse alignment optics .
- Governance protections: Dual clawbacks, anti-hedging/pledging, and ownership guideline compliance (met) enhance investor alignment; severance terms are market-standard without excise tax gross-ups .
- Execution focus: As CSO, Simmons’s analytics background (built PLNT’s strategy/analytics) positions her to drive the company’s strategic imperatives; investors should monitor corporate club same-store dollar trends and adjusted EPS against the 3-year PSU framework for forward compensation leverage .