(Alliance News) - Gym Group PLC on Monday said that Chair Penny Hughes has retired, effective immediately.
Hughes has served as chair of the Croydon-based gym chain since its initial public offering back in 2015. She was also a chair of the Nomination committee and a member of the Remuneration and Sustainability committees.
Gym Group said that during her tenure, the number of gyms have climbed to 215 from 67 in 2015, with targets for 2025 of over 300 sites and earnings before income, tax, depreciation and amortisation of between GBP95 million and GBP105 million.
Founder Director John Treharne will succeed Hughes as chair. Treharne is also a member of the Nomination and Sustainability committees and will now chair the Nomination committee.
The company added that it continues to make good progress towards its targets and is trading in line with the board's expectations.
Treharne said: "I want to thank Penny for her extraordinary leadership over the last seven years helping the business I founded scale successfully and build the right capabilities for long term growth. I am delighted to now be taking the reins as Chair as we work to deliver our plan to provide affordable fitness to all and deliver GBP100 million Ebitda by 2025."
Shares in Gym Group were down 0.4% to 185.00 pence each in London around Monday midday.
By Sophie Rose; sophierose@alliancenews.com
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Gym Grp (GYM)