Planet Fitness Tumbles as Wall Street Mulls CEO Departure (2)

Planet Fitness Inc. sank after the company announced the immediate departure of its Chief Executive Officer Chris Rondeau, who’s held the position for more than a decade.

Shares fell 16% Friday to close at about $50 per share, the lowest level since 2020. The company said that Rondeau will remain a member of the board and will be nominated for reelection in 2024. Planet Fitness also appointed board member Craig R. Benson its interim CEO and has started a search for a permanent leader.

The change caught analysts off guard, leading one to cut its recommendation on the ...