F45 co-founder and CEO, Adam J Gilchrist (not the cricketer) has now stepped down from his role but will be paid more than $US7 million ($10 million) in cash.
The global ambitions of Aussie fitness group F45 have crumbled overnight with a disastrous downgrade that prompted its CEO to depart, with nearly half of its workforce to follow.
“You want to be in there with the energy of people working out with you, alongside you, inspiring you, pushing you and supporting you,” Wahlberg told CNBC just ahead of F45’s market debut.Wahlberg sold $US25 million worth of shares at $US16 each ahead of F45’s public debut. According to recent filings, he still owns 1.66 million shares.
“We are taking the necessary steps to right-size our business in light of shifting macroeconomic and business conditions,” F45 chief financial officer Chris Payne, said. According to F45, Payne is due to receive a $US2.4 million retention payment from F45 on October 15 this year. The company received a waiver from its financiers the day before this update.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Mark Wahlberg-backed F45 unveils disastrous update, CEO exitsThe global ambitions of Aussie fitness group F45 have taken a body-blow with a crushing downgrade that prompted its CEO to depart, with nearly half of its workforce to follow.
Read more »
Caledonia, L1 hit by F45 wipeoutA Hollywood celebrity as the second-biggest shareholder was reason alone to short the stock; hedge funds must be kicking themselves.
Read more »
Tennis CEO smashes suburb record with $13m beachfront homeTennis Australia CEO Craig Tiley and his wife are upgrading to an absolute beachfront home in Melbourne’s bayside suburbs that comes with a tennis court.
Read more »
Mark Wahlberg-backed F45 unveils disastrous update, CEO exitsThe global ambitions of Aussie fitness group F45 have taken a body-blow with a crushing downgrade that prompted its CEO to depart, with nearly half of its workforce to follow.
Read more »
Elders pumps $25m into automated wool handlingCEO Mark Allison says 22 autonomous guided vehicles will be moving around a new high-tech facility in outer Melbourne by mid-2023.
Read more »
Caledonia, L1 hit by F45 wipeoutA Hollywood celebrity as the second-biggest shareholder was reason alone to short the stock; hedge funds must be kicking themselves.
Read more »