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Mastrov Moves to Chairman Role

SAN RAMON, CA -- Mark S. Mastrov, founder of 24 Hour Fitness, is now chairman of the board for the company after Forstmann Little & Co. last week named a new chief executive officer, Carl C. Liebert III. Liebert will also serve on the company’s board of directors.

The move came a year and a half after Forstmann Little & Co. purchased 24 Hour Fitness for $1.6 billion.

"We continue to see tremendous growth potential, both domestically and in Asia -- and it is the right time to bring in an experienced leader who will help us continue to execute on our long-term business plan,” says Mastrov. “Carl brings a wealth of experience in driving both new business growth and same store sales at customer-focused multi-store businesses.”

Previously, Liebert was executive vice president at The Home Depot, where he was responsible for sales, execution and operation across the company’s more than 2,000 U.S. and Mexico stores. He also had served as senior vice president, operations for The Home Depot, where he led the implementation of initiatives such as self checkout, back-end automated receiving, and customer service and staffing enhancements. Prior to joining The Home Depot, he worked for Circuit City and prior to that for General Electric's Consumer Products division. Liebert served as an officer in the United States Navy for five years after his graduation from the Naval Academy, where he received his bachelor's degree in physical science. He holds a master's of business administration from the Owen Graduate School of Management, Vanderbilt University.

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