Edward Hymes joined Planet Fitness this past January and was responsible for leading the gym chain’s major business segments, US and international franchise businesses, corporate stores and equipment sales. Prior to joining Planet Fitness, Hymes was a longtime Shell executive, most recently serving as CEO of the oil company’s Jiffy Lube International division.
Hymes is entitled to severance pay, the gym chain said. Investment bank TD Cowen estimated that Hymes will receive a cash payment of around $800,000 in severance benefits. That severance package is made up of Hymes’s base salary, which was €5,750 plus a prorated cash bonus, the investment bank said in a note to investors.
McCall Gosselin, Planet Fitness’ senior vice president of communications, confirmed Hymes’ departure to Athletech News. Gosselin said the company will not replace Hymes with a new hire.
“We wish him all the best in his future endeavors and have made the decision not to replace his position at this time,” Gosselin said of Hymes’s departure. “We have complete confidence in our executive team and believe they are the right leaders to act against our strategy and drive our business forward.”
