New York — Leadership at Town Sports International (TSI), New York, looks a little different today than this past summer when Bob Giardina headed the company as CEO. Since he resigned in October and Alex Alimanestianu ascended to the CEO role, two other instrumental figures at the company have left: Randall Stephen, COO, and Richard Pyle, CFO.

Stephen's resignation was announced last month in a three-sentence statement from the company. Pyle's resignation, which is effective March 31, was announced in a longer statement that also included information about his successor, Daniel Gallagher, who had been senior vice president, finance.

Upon Stephen's departure, RBC Capital Markets downgraded its outlook on TSI from “sector perform” to “under perform” and reduced its target price for the company from $14 to $8. A research note from RBC expressed concern about weakening trends involving macroeconomic and competitive issues that may be worsened by the company's high debt.

When asked about the downgrade, Lisa Hufcut, a spokesperson for TSI, said, “Right now, our focus is on running our business and keeping our members satisfied.”