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.Craig Benson, who has been serving as interim CEO since the departure of Chris Rondeau in September, will remain on the board of directors.
Piper Sandler analyst Korinne Wolfmeyer said the news is"the first catalyst of several" for the stock. Wolfmeyer rates the stock as overweight with an $80 price target. The stock was trading for roughly $60 a share on Tuesday.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.