Health & Wellness Veteran Dowd and F45
Ambassador and Board Member Wahlberg Bring Wealth of Industry
Expertise and Brand Building Track Record to F45
Strengthened Leadership Team to Accelerate
Refinement of Go-Forward Strategy and Take F45 to the Next
Level
F45 Training Holdings Inc. (NYSE: FXLV) (“F45” or the “Company”)
today announced that it has strengthened its leadership team with
the naming of a new Chief Executive Officer and Chief Brand Officer
who together bring to F45 highly relevant expertise and a proven
track record of building successful brands worldwide. These key
appointments follow the Company’s recent announcement of $90
million in new financing to improve its balance sheet and drive the
business forward.
Tom Dowd has been appointed F45’s new CEO, effective
immediately. He succeeds outgoing interim CEO Ben Coates, who
remains on the Company’s Board of Directors. Mr. Dowd is a seasoned
operator who spent 25 years at GNC Holdings in a variety of
executive leadership roles and, more recently, co-founded
Performance Inspired™, a leading active lifestyle nutrition
company. Mr. Dowd was one of the early investors in F45.
“Tom has significant experience building successful franchise
model and consumer goods businesses, cultivating globally resonant
lifestyle brands, and developing high-performing teams, making him
well suited to lead F45 into the future,” said Gene Davis, Chairman
of F45’s Board. “We are delighted to bring Tom onboard to help
further refine F45’s go-forward business strategy to deliver
sustainable growth, enhance opportunities for our franchisees and
team, and drive long-term value for shareholders.”
“F45 is a game-changer in the fitness industry, and I couldn’t
be more energized to be named CEO,” said Mr. Dowd. “The Company is
differentiated by its strong brand, dynamic and innovative
programming, and a robust franchisee network – all of which I am
confident will remain the cornerstones of our future success. I
look forward to collaborating with the talented and passionate F45
team, as well as the Board, to take the business and brand to the
next level for the benefit of all of our stakeholders.”
In addition, F45 investor and brand ambassador Mark Wahlberg,
who has been a member of the Company’s Board since March 2019, has
been named F45’s Chief Brand Officer, effective immediately. Beyond
being a renowned actor and producer, Mr. Wahlberg is a fitness
enthusiast and successful entrepreneur. He has built multiple
brands across the retail and consumer goods sectors, including
having co-founded Wahlburgers, Municipal Apparel, and Performance
Inspired™.
“Just like our incredible training community, F45 has been laser
focused in recent months on getting stronger and stronger, and I am
thrilled to help the Company elevate its amazing brand and vision
at this pivotal time,” said Mr. Wahlberg. “I am confident in our
ability to enhance what I believe is already the world’s best
workout for studio operators and our more than 300,000 committed
members across the globe.”
Mr. Davis added, “We are thrilled that Mark will be deepening
his involvement with F45 and look forward to benefitting from his
unique blend of business acumen and branding expertise. I am
confident that under the leadership of Tom, Mark, and the rest of
the management team, F45 will be poised to build on its strengths
while evolving to unlock its full potential. As we look ahead to
the significant opportunities in front of us, I would also like to
thank Ben for his contributions as interim CEO during a period of
transition.”
Biographies can be found on the Executive Management pages of
the Company’s website.
About F45
F45 offers consumers functional 45-minute workouts that are
effective, fun and community-driven. F45 utilizes proprietary
technologies including a fitness programming algorithm and a
digitally-enabled delivery platform that leverages a rich content
database of thousands of unique functional training movements to
offer new workouts each day and provide a standardized experience
across F45’s global franchise. For more information, please visit
www.f45training.com.
Forward-Looking Statements
Statements in this press release that refer to F45’s future
plans and expectations, including without limitation, those
relating to the new members of its management team and their
expected contributions and impact on the business and its strategy,
are forward-looking statements, within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, that involve a number
of risks and uncertainties. Words such as “may,” “will,” “should,”
“expects,” “plans,” “anticipates,” “could,” “intends,” “target,”
“projects,” “contemplates,” “believes,” “estimates,” “predicts,”
“potential,” or “continue” or negatives of these words and
variations of such words and similar expressions are intended to
identify such forward-looking statements. Statements that refer to
or are based on estimates, forecasts, projections, uncertain events
or assumptions, including statements relating to F45’s strategy,
financial outlook, and business plans also identify forward-looking
statements. All forward-looking statements included in this press
release are based on management’s expectations as of the date of
this press release and, except as required by law, F45 disclaims
any obligation to update these forward-looking statements to
reflect future events or circumstances.
Forward-looking statements are subject to certain risks,
uncertainties and assumptions relating to factors that could cause
actual results to differ materially from those anticipated in such
statements, including, without limitation, the following: our
dependence on the operational and financial results of, and our
relationships with, our franchisees and the success of their new
and existing studios; our ability to protect our brand and
reputation; our ability to identify, recruit and contract with a
sufficient number of qualified franchisees; our ability to execute
our growth strategy, including through development of new studios
by new and existing franchisees; our ability to manage our growth
and the associated strain on our resources; our ability to
successfully integrate any acquisitions, or realize their
anticipated benefits; the high level of competition in the health
and fitness industry; economic, political and other risks
associated with our international operations; changes to the
industry in which we operate; our reliance on information systems
and our and our franchisees’ ability to properly maintain the
confidentiality and integrity of our data; the occurrence of cyber
incidents or a deficiency in our cybersecurity protocols; our and
our franchisees’ ability to attract and retain members; our and our
franchisees’ ability to identify and secure suitable sites for new
franchise studios; risks related to franchisees generally; our
ability to obtain third-party licenses for the use of music to
supplement our workouts; certain health and safety risks to members
that arise while at our studios; our ability to adequately protect
our intellectual property; risks associated with the use of social
media platforms in our marketing; our ability to obtain and retain
high-profile strategic partnership arrangements; our ability to
comply with existing or future franchise laws and regulations; our
ability to anticipate and satisfy consumer preferences and shifting
views of health and fitness; our business model being susceptible
to litigation; the increased expenses associated with being a
public company; and additional factors discussed in our filings
with the Securities and Exchange Commission (the “SEC”). Further,
many of these factors are, and may continue to be, amplified by the
COVID-19 pandemic. Detailed information regarding these and other
factors that could affect F45’s business and results is included in
F45’s SEC filings, including in the section titled “Risk Factors”
in F45’s Annual Report on Form 10-K and other SEC filings.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230330005399/en/
Media Contact
Kekst CNC Sherri L. Toub / Anntal Silver / Daniel Hoadley
F45MediaInquiries@kekstcnc.com
Investor Contact
ICR, Inc. Bruce Williams F45IR@icrinc.com (332) 242-4303
F45 Training (NYSE:FXLV)
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