The Beachbody Company Announces Leadership Transitions
EL SEGUNDO, Calif., April 19, 2022 /PRNewswire/ -- The Beachbody Company, Inc. (NYSE: BODY) ("Beachbody" or the "Company"), a leading subscription health and wellness company, today announced that Sue Collyns, President and Chief Financial Officer, will leave the Company and transition to a new chapter of opportunities in both the for-profit and non-profit sectors. Marc Suidan, a former Partner at PricewaterhouseCoopers, will assume the role of Chief Financial Officer, effective May 10, 2022, following the company's first quarter earnings call. To ensure a smooth transition, Suidan has joined the Company effective immediately as a senior advisor, and Collyns will remain with the Company through May 31, 2022. Ms. Collyns will then provide advisory services under a consulting agreement through May 31, 2023.
Collyns' departure is not related to any disagreement with the company's accounting principles, practices, or financial statement disclosures. The Company will announce its first quarter financial results on May 9, 2022 and anticipates reporting revenue and Adjusted EBITDA to be slightly ahead of its previous guidance.
"I'd like to thank Sue for the substantial contributions she has made in her over seven years at Beachbody. Her strong leadership has been integral to our success, playing a key role in many important milestones in our Company's history, including the transformation to a subscription-based, digital-first model, eight successful capital raise and M&A transactions and our transition to a newly public company," said Carl Daikeler, Beachbody's Co-Founder, Chairman, and CEO. "Sue elevated our finance organization and strengthened the team, and I am extremely grateful for Sue's partnership and leadership. Her career with Beachbody will be reflected in every aspect of our ongoing success."
Collyns said, "It has been a privilege to work alongside Carl and our leadership team, the many talented individuals at Beachbody and to be part of its successful transition into a digital subscription model. I am so proud of what we have accomplished and the strong foundation we've created together. With Beachbody now established as a public company, the time is right to transition to the next chapter in my personal and professional life and I want to thank Carl and the Board of Directors for their support. I'm excited about the Company's future and wish the team continued success."
Suidan joins Beachbody with extensive financial consulting and transformation experience in the global technology sector. He has helped companies enhance shareholder value by spearheading digital and financial transformation initiatives. Suidan has served as a Partner at PricewaterhouseCoopers since 2011 and was most recently the Global Tech, Media and Telecom Leader. Previously, he served as Co-Founder and CFO of several startups. His early career also included controller and senior auditor roles. Suidan holds an MBA from the Kellogg School of Management at Northwestern University, a Bachelor of Management from McGill University, and is an active CPA in Canada.
"We are excited to welcome Marc to Beachbody," Daikeler said. "Marc brings an entrepreneurial spirit for building businesses and a passion for how technology can transform every aspect of our lives, alongside deep experience aligning finance functions with high growth technology to drive business transformation across many companies. This experience, combined with his proven, trusted advisor and strategic leadership qualities, make him a great addition to our leadership team."
In addition, the Company announced today that Kathy Vrabeck, Chief Strategy Officer of the Company, has taken over the role of Chief Operating Officer, effective as of April 15.
Headquartered in Southern California, Beachbody is a leading digital fitness and nutrition subscription company with over two decades of creating innovative content and powerful brands. The Beachbody Company is the parent company of the Beachbody On Demand streaming platform (BOD) including its the live digital streaming subscription BODi, and the Beachbody Bike powered by MYXfitness, the Company's connected indoor bike. For more information, please visit TheBeachbodyCompany.com.
Forward Looking Statements: This press release contains "forward-looking" statements pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995, which are statements other than historical fact or in the future tense. These statements include but are not limited to, statements regarding our future performance and our market opportunity, including anticipated appointment and election of our officers and directors, guidance regarding our anticipated future financial results, our business strategy, our plans, and our objectives and future operations.
Forward-looking statements are based upon various estimates and assumptions, as well as information known to us as of the date hereof, and are subject to risks and uncertainties. Accordingly, actual results could differ materially due to a variety of factors, including: our ability to effectively compete in the fitness and nutrition industries; our ability to successfully acquire and integrate new operations; our reliance on a few key products; market conditions and global and economic factors beyond our control; intense competition and competitive pressures from other companies worldwide in the industries in which we operate; and litigation and the ability to adequately protect our intellectual property rights. You can identify these statements by the use of terminology such as "believe", "plans", "expect", "will", "should," "could", "estimate", "anticipate" or similar forward-looking terms. You should not rely on these forward-looking statements as they involve risks and uncertainties that may cause actual results to vary materially from the forward-looking statements. For more information regarding the risks and uncertainties that could cause actual results to differ materially from those expressed or implied in these forward-looking statements, as well as risks relating to our business in general, we refer you to the "Risk Factors" section of our Securities and Exchange Commission (SEC) filings, including those risks and uncertainties included in the Form 10-K filed with the SEC on March 1, 2022 and quarterly reports on Form 10-Q, which are available on the Investor Relations page of the Beachbody website at https://investors.thebeachbodycompany.com and on the SEC website at www.sec.gov.
All forward-looking statements contained herein are based on information available to us as of the date hereof and you should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. We undertake no obligation to update any of these forward-looking statements for any reason after the date of this press release or to conform these statements to actual results or revised expectations, except as required by law. Undue reliance should not be placed on forward-looking statements.
SOURCE The Beachbody Company, Inc.
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