SAN RAMON, CA — Mark Mastrov, founder of 24 Hour Fitness, is no longer CEO of the chain. He has moved to the chairman of the board position after Forstmann Little & Co. last month named a new chief executive officer, Carl C. Liebert III. Liebert will also serve on the company's board of directors.
The move came a year and a half after Forstmann Little & Co. purchased 24 Hour Fitness for $1.6 billion.
“We continue to see tremendous growth potential, both domestically and in Asia — and it is the right time to bring in an experienced leader who will help us continue to execute on our long-term business plan,” says Mastrov. “Carl brings a wealth of experience in driving both new business growth and same store sales at customer-focused multi-store businesses.”
Previously, Liebert served as executive vice president at The Home Depot, where he was responsible for sales, execution and operation. He also had served as senior vice president, operations for The Home Depot. Prior to joining The Home Depot, he worked for Circuit City and prior to that for General Electric's Consumer Products division. Liebert served as an officer in the U.S. Navy for five years. He has a bachelor's degree in physical science and a master's of business administration.