"As we enter the next chapter of Planet Fitness' journey, the Board felt that now was the right time to transition leadership," said Board Chairman Stephen Spinelli, Jr. "In today's evolving environment, Planet Fitness is continuing to enhance our competitive advantage, capitalize on our size and scale, and drive further shareholder value. As a Board member and Planet Fitness franchisee, Craig knows our business well, while also bringing deep public and private sector executive leadership experience to this role. The Board is confident that he is the ideal leader to oversee the business during this transition period." PLNT shares plummeted $8.38, or 14%, to $51.42.