Gulf Oil CFO Jumps to Planet Fitness

Longtime Dunkin’ exec joins fast-moving gym franchise

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Apr 28, 2010, 10:03 ET

NEWINGTON, N.H., April 28 /PRNewswire/ -- Jayne Conway, a longtime Dunkin’ Brands executive and most recently the chief financial officer at Gulf Oil LP, has been named chief financial officer at Planet Fitness.

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At Planet Fitness, Conway, 43, joins a company that’s on track to become the largest health club franchise in the United States in 2011. Known for its Judgement Free Zone® atmosphere and friendly prices, Planet Fitness boasts almost 2.3 million members nationwide, and for two straight years has been ranked by Inc. magazine as one of the fastest-growing private businesses in America.

“Planet Fitness has a brand personality that I’ve never seen in a gym before,” Conway said. “It’s a tremendous economic business model for potential franchisees, and the company is intensely passionate about what it does and what it stands for. There is no doubt that Planet Fitness is positioned for huge national growth.”

In her 10 years at Dunkin’ Brands, Conway held a number of executive leadership positions providing her the financial, operational, and strategic experience to support Planet Fitness’s explosive growth. She also led the ultimate divestiture of Dunkin’ Brands to a consortium of private equity investors in 2006. Subsequently, she joined Gulf Oil LP as the chief financial officer, and spearheaded the restructuring of the company’s corporate infrastructure in preparation for national expansion.

Prior to her experience at Dunkin’ Brands, Conway also worked for General Electric and is a Bain & Company alumnus. She holds a B.S. degree in engineering from North Carolina State University, and an MBA from Harvard Business School.

“The chief financial officer from Gulf Oil moving to Planet Fitness? Who’d a thunk it?” noted Michael Grondahl, the co-founder and CEO of the gym franchise. “Jayne’s decision to join us says a lot about the health club industry, and even more about Planet Fitness itself and the future of this company.”

Founded in 1992, New Hampshire-based Planet Fitness consisted of only four gyms as recently as 2003. Today there are 325 Planet Fitness locations in 36 states, and more than 1,000 units have been sold across the U.S. and in Puerto Rico.

In the $19 billion North American fitness industry, Planet Fitness is hailed as an innovator for turning an extremely low-price model -- memberships are just $10 a month -- into the most profitable concept in the market. Planet Fitness gyms are also known for a relaxed, hassle-free atmosphere that includes a low tolerance for Lunkhead© behavior like grunting and weight-dropping, and a commitment to helping people of various fitness levels by providing free fitness instruction to all new members. To learn more, visit www.planetfitness.com.

SOURCE Planet Fitness