Planet Fitness fires CEO, shares tumble

On Friday, U.S. gym chain Planet Fitness announced it had fired its long-time CEO, Chris Rondeau.

Planet Fitness has said it will conduct an internal and external search for its next CEO.

According to Planet Fitness insiders, Rondeau’s firing was “abrupt” and seemingly unplanned.

Planet Fitness shares dipped down 16% following the news of Rondeau’s departure.