Planet Fitness Appoints Edward Hymes President and Chief Operating Officer

Rhea-AI Summary

Planet Fitness has appointed Edward Hymes as President and Chief Operating Officer, effective January. Reporting directly to CEO Chris Rondeau, Hymes will oversee U.S. and international franchise operations, equipment sales, corporate stores, and the technology and legal functions. Hymes brings over 30 years of experience, notably at Jiffy Lube, where he managed operations for over 2,000 franchises. His leadership aims to accelerate growth for Planet Fitness, which currently boasts over 16.6 million members and 2,353 locations across several countries.

Positive

• Appointment of Edward Hymes is expected to strengthen leadership and drive strategic growth.
• Hymes' extensive experience in franchise operations may enhance market positioning.

Negative

• Concerns about continuity in leadership as Hymes transitions from a different industry.

HAMPTON, N.H., Dec. 12, 2022 /PRNewswire/ -- Today, Planet Fitness, Inc. (NYSE: PLNT) (the "Company"), one of the largest and fastest-growing franchisors and operators of fitness centers with more members than any other fitness brand, announced that Edward Hymes has been appointed President and Chief Operating Officer reporting directly to Chief Executive Officer, Chris Rondeau. Mr. Hymes will join the brand in January and be responsible for driving both the day-to-day business and longer-term strategic growth of the Company, with overall leadership and accountability of the brand's primary revenue producing business segments, including U.S. and international franchise operations and development, equipment sales, and Corporate stores, in addition to both the technology and legal functions.

"Edward is a seasoned executive with over 30 years of experience including identifying, developing, and operating domestic and international retail and e-commerce businesses for global companies," said Chris Rondeau, Chief Executive Officer. "We believe his skillset and franchise leadership will be instrumental in helping to strategically accelerate our business growth through existing and new channels, and we are thrilled to welcome him to our executive team."

Most recently, Mr. Hymes served as President and Chief Executive Officer of Jiffy Lube International, a wholly owned, indirect subsidiary of Shell Oil Company with 2,040 US franchise locations, 160 licensees in Canada, and over $2B in revenue. In this role, he oversaw the strategic direction of the company, managing franchise relationships to create a shared vision for the business to drive and maintain leading market share through continued innovation and a customer-first strategy. Mr. Hymes began working at Shell in 2001, holding broad and diverse roles including strategy, business development, project management, and deal delivery. Prior to Jiffy Lube, he served on Shell's global Downstream Acquisitions & Divestments Leadership Team with responsibility for transaction delivery across North and South America.

"Planet Fitness is a disruptive brand with decades of reliable growth, a disciplined franchise model, and a unique opportunity to continue to grow its store count as the market leader," said Edward Hymes. "I look forward to joining the team, collaborating across departments, and working with franchisees to position the Company for continued long-term growth and success."

Prior to Shell, Mr. Hymes served as Director and General Manager for Internet startup Kozmo, an online retailer pioneering delivery to both consumers and businesses, where he was responsible for new market development and operations. Mr. Hymes started his career at Kmart Corporation, where he worked his way up the ranks starting as an hourly store team member and entered management post university. Over 15 years, he held multiple store operations positions with P&L responsibility progressing from Store Manager to Regional Manager overseeing high volume locations and increasing profitability by driving operational performance, enhancing products and promotions, and focusing on customer service.

Mr. Hymes holds a degree in Marketing from Northwest Missouri State University. He has also participated in Wharton's Executive Leadership Program, INSEAD's Mergers, Acquisitions and Divestments program in France, and Harvard Business School's Executive Education Program.

About Planet Fitness
Founded in 1992 in Dover, NH, Planet Fitness is one of the largest and fastest-growing franchisors and operators of fitness centers in the United States by number of members and locations. As of September 30, 2022, Planet Fitness had more than 16.6 million members and 2,353 stores in 50 states, the District of Columbia, 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 we call the Judgement Free Zone^®. More than 90% of Planet Fitness stores are owned and operated by independent business men and women.

 

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SOURCE Planet Fitness, Inc.

FAQ

Who is the newly appointed President and COO of Planet Fitness?

Edward Hymes has been appointed as the President and COO of Planet Fitness, effective January.

What is Edward Hymes' background before joining Planet Fitness?

Hymes previously served as President and CEO of Jiffy Lube International, managing over 2,000 franchises.

What are Edward Hymes' responsibilities at Planet Fitness?

Hymes will oversee U.S. and international franchise operations, equipment sales, corporate stores, and other functions.

How many members does Planet Fitness currently have?

As of September 30, 2022, Planet Fitness has over 16.6 million members.

What is Planet Fitness' business model?

Planet Fitness operates a franchise model, with more than 90% of its stores owned by independent business operators.