In a move that surprised investors and employees, Planet Fitness announced the ousting of its CEO Chris Rondeau through an official press release.
In the aftermath of the CEO's removal, Planet Fitness stocks plummeted by 15%, hitting a 52-week low
PF is now looking for its next chief as former governor of New Hampshire and company board member Craig Benson serves as interim CEO.
The reason for his sudden departure is unknown but appears to be a board decision, not Rondeu's.
Planet Fitness reported stronger-than-expected second-quarter earnings last month.
Rondeau is a Planet Fitness veteran who moved his way up from a front desk position 30 years ago at its first location in Dover, New Hampshire.
Rondeau has served as CEO since 2013, and during his time, the club base tripled from 700 to 24,000 locations.
Rondeau also led the company's IPO and made incredible strides in its annual revenue, bringing it from 200 million to a projected $1 billion this year.