Planet Fitness shares fall as company announces new CEO, though analysts see upside

announced Tuesday that Colleen Keating will take over as the fitness club's new CEO, effective June 10.

Piper Sandler analyst Korinne Wolfmeyer said the news is "the first catalyst of several" for the stock. Keating has 30 years of experience in large scale operations and franchise management, as well as leadership in global consumer-facing operations across hospitality, real estate, operations and franchise management.and Starwood Hotels & Resorts Worldwide, Inc.Keating joins Planet Fitness as the company faces headwinds including the growing popularity of weight loss drugs like Ozempic and Wegovy, as well as controversy surrounding its locker room policy.

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Planet Fitness Loses $400 Million in Market Value After Controversial Membership CancellationPlanet Fitness's market value dropped by $400 million after canceling the gym membership of a person who photographed a male transgender person in the women's locker room. The incident went viral on TikTok, with critics accusing the gym of prioritizing inclusivity over women's safety and privacy. The drop in market value was celebrated by those boycotting the gym.
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