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Gold's Makes More Changes at Corporate Level

Irving, TX — More than two months after David Schnabel's resignation as CEO of Gold's Gym International (GGI), the company made more sweeping changes at its corporate headquarters.

Chief Operating Officer (COO) Mike Feinman, who joined GGI from 24 Hour Fitness less than a year ago, is no longer with the company. GGI eliminated Feinman's position, according to a GGI memo sent to franchisees last month by new CEO James Weaver. Also, Chief Financial Officer Randy Shultz is leaving Gold's this month to become a principal with an equity investment company in Philadelphia.

“We have been working diligently to streamline and flatten our organizational structure so that we can more efficiently and effectively provide quality support to our field operations and to our customers,” Weaver said in the memo.

In lieu of a COO, David Fowler was announced as Gold's senior divisional vice president. Fowler joined GGI in April 2007 as the vice president of eastern operations, after serving as the COO for Crunch, where he completed a nationwide merger of four club brands. Fowler also was previously the director of operations at Equinox Fitness.

Also as part of the transition, Aaron Watkins was promoted to senior vice president of finance and accounting.

The departures of Feinman and Shultz will have little impact on Gold's Gym franchisees, says Blair McHaney, president of the Gold's Gym Franchisee Association. McHaney added that he's been impressed with Weaver since he took over as CEO.

“Here's a guy that's just been outstanding,” McHaney says. “James is a guy who likes to have as few degrees of separation as he possibly can between him and what's happening with the customer. He's unafraid of what the customer has to say. Our hope [since Weaver took over] was to be involved in decision-making processes and then together make smart decisions to help franchisees grow. All of those things are currently happening.”

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