Planet Fitness, Inc. (NYSE: PLNT) has announced the appointment of Colleen Keating as the company's new Chief Executive Officer, effective June 10, 2024. Keating brings over three decades of experience, with a proven track record in hospitality, real estate, operations, and franchise management. She most recently served as CEO of FirstKey Homes LLC, the fourth largest single-family rental home property management company in the United States. During her tenure, Keating led the strategic direction of the business, increasing operational efficiency and driving scalable growth.
Prior to her role at FirstKey Homes LLC, Keating held the position of Chief Operating Officer, Americas at Intercontinental Hotels Group (IHG), where she oversaw the operations of more than 4,000 IHG hotels across the Americas region. Before IHG, she spent 16 years at Starwood Hotels & Resorts Worldwide, Inc., serving in various leadership roles, including Senior Vice President of Franchise Operations and Compliance, North America.
Planet Fitness Chairman of the Board, Stephen Spinelli, Jr., emphasized Keating's deep operational knowledge, strategic mindset, and understanding of large-scale franchise operations and consumer-facing brands as key factors that made her stand out among the candidates considered. Spinelli expressed confidence in Keating's exceptional leadership qualities and her ability to accelerate Planet Fitness's next phase of growth.
Craig Benson, who has been serving as interim CEO, will resign from this position but will continue to serve as a member of the company's board of directors. Benson expressed gratitude for the opportunity to serve as interim CEO and conveyed his confidence in Keating as an excellent choice for the next CEO of Planet Fitness.
Keating stated her eagerness to work alongside the management team and help position the business for sustainable growth and value creation. She expressed her admiration for the Planet Fitness brand and her excitement to contribute to the company's fullest potential.
Planet Fitness will discuss Keating's appointment, along with its first-quarter financial results, on its earnings call on Thursday, May 9, 2024, at 8:00 am ET.
As of December 31, 2023, Planet Fitness had approximately 18.7 million members and 2,575 stores in all 50 states and the District of Columbia in the United States, Puerto Rico, Canada, Panama, Mexico, and Australia. The company's mission is to enhance people's lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which they call the Judgement Free Zone®. Today the company's shares have moved -3.8% to a price of $60.17. If you want to know more, read the company's complete 8-K report here.
