SCHILLER PARK, IL -- John E. Stransky, president of Life Fitness, has resigned effective immediately, according to Brunswick Corp., parent company of Life Fitness, Schiller Park, IL.
Peter B. Hamilton, Brunswick senior vice president and chief financial officer, will assume Stransky’s responsibilities on an interim basis as the company searches for a replacement. Hamilton previously served as president of Life Fitness in 2005 and 2006. Stransky became president of Life Fitness when Hamilton left that post to become president of Brunswick Boat Group. Prior to Life Fitness, Stransky served as president of Brunswick Bowling and Billiards group.
Brunswick will be considering a number of internal and external candidates to lead Life Fitness, according to a statement from Dustan E. McCoy, chairman and CEO of Brunswick Corp., Lake Forest, IL.
“We wish to thank John Stransky for his many contributions to Brunswick over the years in our bowling, billiards and fitness businesses,” McCoy said. “We wish him well in his future endeavors.”
Stransky’s departure comes just two weeks before Brunswick is set to release its first quarter 2010 earnings.
For more than a year, Life Fitness’ revenue has fallen each quarter compared to the same period in the prior year. Fourth quarter 2009 sales for Life Fitness were $146.4 million, down 15 percent from fourth quarter 2008—and fourth quarter 2008 revenue already was down by 20 percent from fourth quarter 2007. In third quarter 2009, sales decreased by 22 percent, second quarter 2009 sales were down 33 percent and first quarter 2009 sales decreased by 21 percent, all compared to the same quarter in the prior year.
The last time revenue increased for the Fitness Division of Brunswick was in the third quarter 2008, when sales rose 8 percent for the quarter to $161.6 million, from $150.2 million in the third quarter 2007.
Brunswick Corp., which is a publicly traded company whose biggest division is its Marine Division, has experienced declines in its overall revenue during the past year. For 2009, Brunswick reported a decrease in net sales of almost 50 percent—$2.8 billion in 2009 compared to $4.7 billion in 2008. Much of the decline was due to slower boat sales caused by the economy, the company says.
Brunswick Corp. acquired Life Fitness in June 1997, and later that year, it also acquired Hammer Strength, both of which are part of its Fitness Division.