Planet Fitness Stock Plummets as CEO's Surprise Exit Shakes Up Board

Planet Fitness, the popular workout chain, shocked investors and employees by ousting CEO Chris Rondeau. The stock dropped 15% following the announcement. The company is now searching for a new CEO internally and externally, with former New Hampshire governor Craig Benson serving as interim CEO. Rondeau's departure appears sudden, and the reason behind the decision remains unclear. Despite a strong second-quarter earnings report, concerns over equipment plans and new franchises have made investors wary. Rondeau, who has been with the company for nearly 30 years, will continue as a member of the board of directors and provide advisory support during the transition.