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PE-owned 24-Hour Fitness hires new president/CEO

24 Hour Fitness, which is backed by Forstmann Little & Co, has named Elizabeth Blair as president and CEO. Blair succeeds former CEO Carl Liebert, who left the company in May 2013 to head USAA Capital Corp. Headquartered in San Ramon, Calif., 24 Hour Fitness is a national gym chain.

PRESS RELEASE

SAN RAMON, Calif.–(BUSINESS WIRE)–The Board of Directors of 24 Hour Fitness Worldwide Holdings, Inc. today announced the election of Elizabeth Blair as President and Chief Executive Officer. Ms. Blair previously served as Executive Vice President, Chief Strategy Officer and General Counsel of 24 Hour Fitness. Ms. Blair succeeds former CEO Carl Liebert, who left the company in May 2013 to become president of USAA Capital Corporation.
Prior to joining 24 Hour Fitness in February 2013, Ms. Blair served as CEO of the internet marketing firm Brand.net. Earlier in her career, Ms. Blair worked as Yahoo!’s Senior Vice President of Business Operations for the global operating group (sales, product, marketing, international) from 2003 to 2007. She joined Yahoo! in 1998, working first in corporate and business development, and later as Vice President and Senior Vice President of Yahoo!’s Local Media Group. Prior to Yahoo! Ms. Blair was a member of the M&A team at PRIMEDIA and a securities and corporate transactional lawyer in private practice. Ms. Blair received a B.A. from Yale University and a J.D. from Harvard Law School.
Following Ms. Blair’s election as President and CEO, 24 Hour Fitness Chair Kathleen Broderick stated, “Since joining the company early this year, Elizabeth has shown remarkable leadership and creativity. We are all excited that she has agreed to serve as Chief Executive Officer – as we continue to grow 24 Hour Fitness as a dominant player in the health club industry in the United States.”
24 Hour Fitness is owned by partnerships managed by Forstmann Little & Co. – the private equity firm founded by the late Theodore J. Forstmann – which acquired the company in June 2005.
“I have known Elizabeth for a long time and she is an experienced and results-focused executive,” said 24 Hour Fitness Director Mark MacDougall. “She will be a fine leader for our more than 21,000 employees. Ted Forstmann would have been very happy to have Elizabeth on his team.”
About 24 Hour Fitness
Headquartered in San Ramon, Calif., 24 Hour Fitness is a leading health club industry pioneer, serving nearly four million members in more than 400 clubs across the U.S. For more than 30 years, the company has been dedicated to helping members change their lives and reach their individual fitness goals. With convenient club locations, personal training services, innovative group exercise classes and a variety of strength, cardio and functional training equipment, 24 Hour Fitness offers fitness solutions for everyone.