PLNT - Why Planet Fitness Stock Is Plummeting Today
2023-09-15 10:47:58 ET
Shares of Planet Fitness (NYSE: PLNT) are sinking Friday. The company's stock was down 13.9% as of 10:30 a.m. ET, according to data from S&P Global Market Intelligence .
Planet Fitness published a press release announcing a major leadership shakeup before the market opened today. The company announced that board member Craig R. Benson would be stepping in as interim CEO following a decision by the board of directors to transition to new leadership and replace former CEO Chris Rondeau.
Shareholders are typically displeased with news of sudden shakeups at the top of the management structure. While it isn't always the case, unexpected changes in the CEO role are sometimes followed by other bad news about the company or the departing executive. Additionally, Rondeau has been a leadership fixture at the gym chain over the last decade.
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Why Planet Fitness Stock Is Plummeting Today