[Editor's Note: This story has been updated with comments from Chris Clawson and with a longer statement from Life Fitness about the change in CEO.]
Life Fitness, Franklin Park, Illinois, has named Paul Stoneham as CEO, replacing Chris Clawson, the company announced Nov. 16.
The announcement gave no details about why the change was made, only noting that the change was effective immediately. However, Club Industry reached out to Life Fitness for more details, and received the following statement: “Chris Clawson has been a steady hand leading the Life Fitness business under KPS’s ownership, and we appreciate his dedicated leadership. As the fitness industry comes rebounding out of COVID, the board felt the time was right for a change in leadership. Paul Stoneham is a great fit, as an experienced CEO with a notable track record of building strong consumer brands, high performance organizations and companies that deliver industry-leading growth through brand investment, product design and innovation.”
Clawson had been with Life Fitness on and off for many years. He was vice president from 1994-2004. After he left, he had stints at Omni Fitness and Stamina Products before serving as president of Matrix Fitness, a Johnson Health Tech brand, starting in early 2007. In 2008, he was promoted to president and CEO of Johnson Health Tech North America. He left Johnson Health Tech in August 2010 to return to Life Fitness as president. He again left Life Fitness in 2017 before returning in July 2109 as CEO.
A month after Clawson’s return, Life Fitness revamped its leadership team, bringing back other Life Fitness veterans.
The announcement about Clawson’s departure did not state whether any other executive changes had occurred.
“They say the only thing certain in our lives is change; sometimes it’s well-considered, while other times it’s thrust upon us without warning,” Clawson shared with Club Industry in an email. “The Life Fitness team is like a family to me, and I will miss them more than they know, so I’ll be rooting for them from the stands and hoping the company finds success.
Clawson has been responding to emails and social media posts since word got out about his departure.
“You know you’ve got a place in the fitness industry when your long-time competitors reach out to check in on you to make sure you’re alright,” he wrote. “We really do have a great bunch of folks in our little world, and I hope someday to be part of it again.
Private equity firm KPS Capital Partners, New York, bought Life Fitness from Brunswick Corp. in May 2019 for $490 million. The company did not share its intentions for Life Fitness as part of the announcement about the change in CEO, but private equity holding periods are generally from five to six years, according to research by AlphaWeek.
Stoneham led three global consumer businesses and achieved growth for various businesses before an acquisition of those companies. Most recently, he served at technical outerwear company Helly Hansen AS, GHD Group Holdings in professional haircare and Boots Healthcare International in consumer healthcare.
"The fitness sector is undergoing a phase of rapid transformation, driven by technological innovation and shifting consumer expectations, all on the back of an unprecedented period of disruption," Stoneham said in the announcement. "As a global fitness leader, Life Fitness has the brand strength, team and infrastructure to drive innovation and provide everyone from professional athletes to new gym users an unparalleled experience. I am excited to be joining such an experienced team and look forward to building on Life Fitness' deep brand heritage and reputation."
KPS Capital Partners’ website says the company “creates value by structurally improving the strategic position, competitiveness and profitability of its portfolio companies rather than primarily relying on financial leverage.”
It also says it “creates value almost exclusively through operational and performance improvement…”
Life Fitness includes the brands Life Fitness, Hammer Strength, Cybex, Indoor Cycling Group, SCIFIT and Brunswick Billiards.