(Sharecast News) - The Gym Group said on Monday that chair Penny Hughes plans to retire with immediate effect.
Hughes, who has served as chair since the company's IPO in 2015, will be succeeded by John Treharne, founder director of the company.
The company said that during her tenure as chair, the business has been "transformed". It has increased the number of gyms by more than three times since the IPO to 215, with targets for 2025 of over 300 sites with EBITDA of £95m - £105m.
"The Gym Group is making good progress towards those targets and is trading in line with board expectations," it said.
John 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 £100M EBITDA by 2025."
Gym Grp (GYM)