Planet Fitness Expands Board of Directors with Two New Appointments
Planet Fitness announced the appointment of Bernard Acoca and Christopher Tanco to its Board of Directors, effective immediately. Acoca, CEO of El Pollo Loco, and Tanco, COO of 7-Eleven, bring extensive experience in operations and franchising. This strategic move aims to enhance the board's expertise and align with the company's long-term strategy to provide an affordable, high-quality fitness experience. The Board now comprises eight directors, emphasizing their commitment to driving value for shareholders and capitalizing on growth opportunities.
- Appointment of Bernard Acoca and Christopher Tanco enhances board expertise.
- Acoca's experience in consumer brands and Tanco's in franchise operations are expected to drive growth.
- Concerns may arise about continuity and integration of new board members.
HAMPTON, N.H., Jan. 20, 2021 /PRNewswire/ -- Planet Fitness, Inc. (NYSE: PLNT), one of the largest and fastest-growing franchisors and operators of fitness centers in the U.S. with more members than any other fitness brand, today announced that it has appointed Bernard Acoca, Chief Executive Officer and President for El Pollo Loco, and Christopher Tanco, Executive Vice President and Chief Operating Officer for 7–Eleven, to its Board of Directors, effective immediately.
"We are pleased to welcome Bernard and Chris as new independent directors to the Planet Fitness Board," said Chris Rondeau, Chief Executive Officer. "They join Planet Fitness at a pivotal time in the business and complement our existing board of director's skills and expertise. Together they bring decades of leadership experience in key areas, including international and domestic operations, franchising, brand development, and leveraging digital to enhance the customer experience, which will be vital to our long-term strategy to bring non-intimidating, affordable, high-quality fitness to first time and casual gym goers."
Stephen Spinelli, Jr. (Ph. D.), Chairman of the Board stated, "Today's appointments reflect our ongoing commitment to strengthening our board with a variety of viewpoints and expertise. We look forward to gaining valuable insights and perspectives from Bernard and Chris, given their impressive backgrounds, and are confident they are well-suited to join our Board and oversee Planet Fitness' future growth, the many opportunities that lie ahead for our brand, and drive meaningful value for our shareholders."
Mr. Acoca currently serves as Chief Executive Officer and President for El Pollo Loco, the nation's largest restaurant brand specializing in fire-grilled chicken. Before joining El Pollo Loco, Mr. Acoca spent seven years at Starbucks Corporation in various capacities as a member of its executive team, most recently as President of Teavana, Starbucks' global tea brand. In this role he was responsible for the overall strategy and operations of more than 375 Teavana specialty retail stores in North America, as well as its e-commerce business. During his tenure, he oversaw the expansion of the Teavana brand to 26,000 Starbucks stores globally. Mr. Acoca also served as Senior Vice President, Marketing & Category for the Americas, Starbucks' largest division, where he was responsible for managing categories totaling
"I've long admired the Planet Fitness brand and how it revolutionized the fitness landscape as we know it today," said Acoca. "The company is well positioned to capitalize on both industry and consumer trends and I look forward to joining the Board at such an exciting time in its history."
Mr. Tanco is currently the Executive Vice President and Chief Operating Officer for 7 Eleven, Inc. As COO, he leads Franchise and Corporate Operations for 15,000 stores, the company's Digital initiatives, Restaurant expansion, Operations Support, Field Merchandising and Sales, Store of the Future, Fuels and the Canada Business Unit. Previously, Mr. Tanco was as an Executive Vice President and led 7 Eleven's international business across 18 countries. Before joining 7 Eleven, he was the Chief Franchise Officer for Pizza Hut. With nearly 20 years of experience, he served in various operations, international, general management and franchise leadership roles with Yum! Brands. Mr. Tanco currently serves on the boards of 7 Eleven, Inc. and Urban Air Adventure Parks.
Tanco said, "Planet Fitness is a market leader, with a nationally recognized brand, and a highly attractive franchise system and model that is built for long-term growth. I am excited to work with the Board and leadership team to leverage my experience and insights and help execute against the many future, value-creating opportunities that lay ahead for the brand."
The appointments of Bernard Acoca and Chris Tanco bring Planet Fitness' Board to eight total directors.
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, 2020, Planet Fitness had more than 14.1 million members and 2,086 stores in 50 states, the District of Columbia, Puerto Rico, Canada, the Dominican Republic, 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
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SOURCE Planet Fitness, Inc.
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