24 Hour Fitness Announces Resignation of CEO and New Interim Executive Leadership


San Ramon, Calif. - May 15, 2013

24 Hour Fitness Worldwide Holdings, Inc. today announced that effective Friday, May 17, 2013, Carl Liebert III has resigned as President and Chief Executive Officer after more than six years of service to the company. Mr. Liebert has accepted a new position as President of USAA Capital Corp., based in San Antonio, Texas.

In announcing Mr. Liebert’s departure, 24 Hour Fitness Chair Kathleen Broderick stated, “We are all grateful for the dynamic leadership and vision that Carl has provided for our company since November 2006. We will miss Carl and we wish him all the best in his new position.”

Ms. Broderick also announced that, pending selection of a new Chief Executive Officer, 24 Hour Fitness will be managed through the Office of the Chair, which includes:

David King, a long-time Director of 24 Hour Fitness and Senior Managing Director of Culpeper Capital Partners LLC and Winston Hutchins, General Partner of Forstmann Little & Co., will also serve as advisors in the Office of the Chair.

24 Hour Fitness was purchased in June 2005 by partnerships managed by Forstmann Little & Co. Speaking from New York today on behalf of Forstmann Little, Mr. Hutchins added, “We are very excited about the opportunities that we see for growth in 24 Hour Fitness. We look forward to working with our more than 21,000 colleagues to continue to build on the momentum that everyone in the company is feeling these days.”

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