International Courant
A portrait of Colleen Keating.
Because of Planet Health
Planet Health introduced Tuesday that Colleen Keating will take over because the health membership’s new CEO efficient June 10.
Craig Benson, who has been serving as interim CEO since Chris Rondeau’s departure in September, will stay on the board.
The announcement comes after months of looking out, with some analysts calling it a constructive for the inventory, regardless of shares falling greater than 3% after the announcement.
Piper Sandler analyst Korinne Wolfmeyer stated the information is “the primary catalyst of a number of” for the inventory.
“Planet Health now has somebody who can totally lead the modifications within the New Progress Mannequin, instill confidence in potential pricing modifications and assist construct a plan for the upcoming CFO search,” Wolfmeyer stated in a be aware. “We view all of those as constructive drivers of earnings development and valuation will increase for PLNT.”
Wolfmeyer charges the inventory as Obese with a worth goal of $80. The inventory was buying and selling for about $60 per share on Tuesday.
Keating has 30 years of expertise in large-scale operations and franchise administration, in addition to management in world consumer-facing hospitality, actual property, operations and franchise administration companies.
Since 2020, she has been CEO of FirstKey Properties. She beforehand held management positions at InterContinental Inns Group and Starwood Inns & Resorts Worldwide, Inc.
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Keating joins Planet Health as the corporate faces headwinds, together with the rising recognition of weight-loss medication corresponding to Ozempic and Wegovy, in addition to the controversy surrounding its locker room coverage.
“We view Keating as an unconventional however stable selection to steer Planet Health because it offers with tensions between franchisees and a latest social media controversy over the security of girls’s locker rooms in mild of Planet’s coverage of utilizing locker rooms that finest align with members’ gender identification,” William Blair analyst Sharon Zackfia stated in a be aware.
William Blair has an ‘outperform’ ranking on Planet Health inventory.
Keating will even play an vital position in Planet Health’ CFO search. The corporate’s present CFO, Tom Fitzgerald, introduced his retirement in February and can step down on September 1.
“Colleen’s deep operational data, strategic mindset and understanding of large-scale franchise operations and consumer-facing manufacturers made her stand out among the many candidates thought-about,” stated Stephen Spinelli, Chairman of the Board of Administrators. “We imagine Colleen is an distinctive chief with the fascinating abilities, expertise and culture-first mentality wanted to speed up Planet Health’s subsequent part of development.”
Planet Health shares are down about 17% this 12 months and have been risky since Rondeau introduced he would step down after a decade within the position.
Planet Health will maintain its annual basic assembly on April 30 and report first-quarter outcomes on Might 2.
Planet Health appoints new CEO, shares fall
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