Planet Fitness, the workout chain, has ousted CEO Chris Rondeau, causing shares to close 16% lower and hit a 52-week low. The company is now searching for a new CEO both internally and externally. Former New Hampshire governor Craig Benson will serve as interim CEO. Rondeau's departure appears sudden, and the reason behind the decision is unclear. Despite a strong second-quarter earnings report, the company canceled two scheduled investor conference presentations. Rondeau, a long-time veteran of the company, will remain on the board of directors and in an advisory role.

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