NEWINGTON, NH -- Planet Fitness has hired former Gulf Oil LP Chief Financial Officer Jayne Conway as its new CFO.
Conway has also spent 10 years as an executive at Dunkin’ Brands. She led the ultimate divestiture of the Canton, MA-based company to a consortium of private equity investors in 2006. She then joined Framingham, MA-based Gulf Oil as its CFO and led the restructuring of the company’s corporate infrastructure in preparation for national expansion.
“The chief financial officer from Gulf Oil moving to Planet Fitness? Who’d a thunk it?” Mike Grondahl, the co-founder and CEO of Planet Fitness, said in a statement. “Jayne’s decision to join us says a lot about the health club industry and even more about Planet Fitness itself and the future of this company.”
That future includes a minority sale of the company to private equity firm Goode Partners LLC, according to sources. Planet Fitness said today that no announcement of a sale is imminent. Sources had said the sale was expected to be completed this month.
Marc Grondahl, the brother of the CEO, had served as the company’s CFO but will make way for Conway. Marc Grondahl remains an owner of the Newington, NH-based company along with Mike Grondahl and Chris Rondeau, who also is the company’s chief operating officer.
In addition to her time with Gulf Oil and Dunkin’ Brands, Conway also worked for General Electric.
“Planet Fitness has a brand personality that I’ve never seen in a gym before,” Conway said. “It’s a tremendous economic business model for potential franchisees, and the company is intensely passionate about what it does and what it stands for. There is no doubt that Planet Fitness is positioned for huge national growth.”