Bob Giardina resigned from the board of directors of Town Sports International (TSI), New York, for personal reasons on Tuesday, according to a filing with the Securities and Exchange Commission (SEC). His resignation was effective immediately.
In the company's May 12 voter's meeting, Giardina had been approved to continue on the board along with Martin Annese, Jason M. Fish, Thomas J. Galligan III, Patrick Walsh and L. Spencer Wells.
Giardina joined TSI in 1981 and served as president and chief operating officer from 1992 to 2001. He became CEO in January 2002 and served in that role until October 2007 when he left for health and personal reasons. He returned to the CEO role in March 2010, a role he continued in until he resigned that position in February 2015 and became chairman of the board as a non-employee.
At that time, Daniel Gallagher moved into the CEO role, but he was let go in June 2015.
Patrick Walsh, who is an investor in the company, moved onto the board along with other members of his company and members of other investors, in February 2015. Walsh was appointed executive chairman of the company in June 2015.
In early May, TSI announced it had a revenue decline of 9 percent to $101.3 million in the first quarter compared to first quarter 2015. The revenue drop in the first quarter was primarily due to a decline in membership dues from cancellations of members at higher dues as well as new members enrolling at lower monthly dues since TSI went to a high-volume, low-price model, according to the company.
TSI operates clubs under the names New York Sports Clubs, Boston Sports Clubs, Washington Sports Clubs, Philadelphia Sports Clubs and BFX Studio. The company had 151 fitness clubs as of March 31: 104 New York Sports Clubs, 27 Boston Sports Clubs; 12 Washington Sports Clubs (one of which is partly owned); five Philadelphia Sports Clubs, three clubs in Switzerland and three BFX Studio locations.