F45 Training Holdings, Inc. announced that Chris Payne, the company’s chief financial officer and a member of the Board of Directors, stepped down effective November 15 to address “immediate personal and family matters in Australia.” Payne will continue to support the company in an advisory capacity. The recruitment process for a new CFO is in process.
Ben Coates, F45 Training interim CEO commented, “On behalf of my colleagues on the executive team and the larger F45 family, I want to thank Chris for all that he has done for F45. Chris was instrumental in our successful 2021 IPO. In addition, Chris played a leading role in implementing a disciplined financial strategy that prioritizes profitability, cash flow generation and sustainable growth. His tremendous work ethic, loyalty and dedication will be missed and we are pleased that he will be able to spend needed time with his family in Australia.”
Coates continued, “We continue to believe that our capital lite model is highly attractive, and I have confidence that the depth of our finance team will continue to deliver on our near-term priorities of improving our liquidity and cash flow generation.”
Payne, “Unfortunately, I am stepping down from my position to address recent and urgent family matters in Australia. Nevertheless, I am proud of what we have accomplished at F45. We have grown our franchise base to become one of the fastest-growing fitness franchisors in the world and, more importantly, I am proud that I helped F45 in achieving its mission of changing lives and creating opportunities for growth entrepreneurs that are passionate about health and fitness through what we believe is the world’s best functional training workout. While the road has not been without its challenges, I believe that the successful implementation of our restructuring and cost optimization plans puts us on a solid trajectory for long-term growth and solid returns. I would like to thank Ben, our Board of Directors, my team and franchisees, and I cannot begin to express what a privilege it has been to work for such a dynamic organization.”