Shares of Mark Wahlberg's F45 Training Holdings are adding gains on Thursday after the global fitness company named Tom Dowd as CEO and Wahlberg as Chief Brand Officer.
F45’s stock value is down over 45% year-to-date, and more than 85% over the last year. The company announced earlier this month that it would not be able to timely file its annual report with the Securities and Exchange Commission. Based on currently available information, the company expects to report a material weakness similar to the material weakness reported in its annual report for the fiscal year ended December 31, 2021,
The additions of Dowd and Wahlberg, an existing investor in F45, follow the company’s $90 million in new financing to improve the balance sheet and grow the business.
PAUL NEWMAN ROLEX DAYTONAS, FOUND IN A DESK, COULD SELL FOR MILLIONS
A member of the company’s board since March 2019, Wahlberg has already been part of multiple brands across the retail and consumer goods sectors that include co-founding Wahlburgers, Municipal Apparel, and Performance Inspired.
MARK WAHLBERG'S FORMER LOS ANGELES ESTATE HITS THE MARKET FOR $28.5 MILLION
"Just like our incredible training community, F45 has been laser focused in recent months on getting stronger, and I am thrilled to help the company elevate its amazing brand and vision at this pivotal time," Wahlberg said in a company release.
THE ADIDAS AND BEYONCÉ PARTNERSHIP IS OVER
"I am confident in our ability to enhance what I believe is already the world’s best workout for studio operators and our more than 300,000 committed members across the globe," he added.
Dowd is replacing interim CEO Ben Coates, who will remain on the company’s Board of Directors. Dowd spent 25 years at GNC Holdings in a variety of executive leadership roles.
More recently, Dowd co-founded Performance Inspired, a leading active lifestyle nutrition company. He is also one of F45’s earliest investors.
