- After seven years in the position
- Brenda Morris taking over temporarily
- Search for a successor
(exechange) — Irvine, California, May 10, 2024 — Anthony Geisler, chief executive of Xponential Fitness, leaves his position. As announced by Xponential Fitness Inc. in a news release and in a regulatory filing published on Friday, May 10, 2024, Anthony Geisler leaves his post as chief executive officer at the franchisor of boutique health and wellness brands, after seven years in the role, effective immediately.
Xponential Fitness will undertake a search for a successor.
Anthony Geisler’s duties as CEO will be taken over temporarily by Brenda Morris, previously Lead Independent Director at Xponential Fitness Inc., as interim Chief Executive Officer.
“Investigation”
Xponential Fitness stated: “The Company received notice on May 7, 2024 of an investigation by the United States Attorney’s Office for the Central District of California (“USAO”). The Company previously disclosed an investigation by the Securities and Exchange Commission (“SEC”). The Company intends to continue cooperating with the SEC and intends to cooperate with the USAO. The Board has formed a Special Committee of Directors, comprising independent directors Ms. Grayson, Jair Clarke and Jeffrey Lawrence, to investigate these matters.”
Precise information regarding Anthony Geisler’s future plans was not immediately available.
“Removed/suspended indefinitely”
Xponential Fitness said: “The Board has removed Anthony Geisler from his duties and suspended him indefinitely as CEO, also effective immediately.”
Xponential Fitness further said: “On May 10, 2024, Mr. Anthony Geisler, Chief Executive Officer and Director of Xponential Fitness, Inc. …, was removed by the Company’s Board of Directors from his duties and suspended indefinitely as Chief Executive Officer.”
Share price decline since May 2023
The announcement follows a decline in Xponential Fitness Inc.’s share price of 62% since May 2023.
In the position of CEO since 2017
Anthony Geisler became CEO of the Company in 2017.
Anthony Geisler is the Company’s founder and has served as the Company’s Chief Executive Officer and on the Company’s Board of Directors since 2017.
Geisler began his career in fitness with the purchase of LA Boxing in 2001.
He franchised the brand and built it into the largest boxing, kickboxing, and mixed martial arts fitness franchise in the country.
Geisler sold the business to UFC Gym in 2012.
In 2015, Geisler purchased Club Pilates, which at the time had about 30 locations.
Geisler served as CEO and led the company through robust growth, roughly quadrupling the number of open studio locations, before selling a stake of the company to private equity firm TPG Growth in May 2017.
Later in 2017, Geisler created Xponential Fitness, with the vision of integrating leading boutique fitness brands across all fitness verticals on one platform.
In addition to Club Pilates, he has brought 10 other brands onto the platform since, creating the largest boutique fitness franchise company in the world, with over 2,600 global locations as of December 31, 2023.
The addition of Lindora in January 2024 complements the Company’s existing brands and will help the Company deliver on consumers’ increasing demand for a holistic approach to health.
Geisler holds a B.A. from University of Southern California.
No statement by Anthony Geisler
The announcement of his departure as CEO does not include a statement by Anthony Geisler.
The above text is an excerpt from the exechange report 20.2024 ($), publication date May 13, 2024.