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Giardina to Leave TSI

NEW YORK -- Robert Giardina, CEO of Town Sports International (TSI), is resigning from that role effective Oct. 31. Alexander Alimanestianu, the company’s current president, will become CEO at that time, the company announced today. Giardina, who has been with the company for 26 years, is resigning for personal and health reasons, although no specifics were given about Giardina’s health issues.

“This is a difficult decision for me, but due to recent health issues and for personal reasons, I have decided to moderate my professional commitments,” Giardina said in the statement. “I remain committed to the company and intend to be as actively involved as my situation permits in an advisory role and as an ongoing member of the board.”

Alimanestianu will remain as president as he takes on the CEO title. He has been with TSI since 1990 and has been involved in the development or acquisition of virtually all of the company’s clubs.

“I am confident that this will be a smooth transition as Alex has been with the company for 17 years and has worked very closely with Bob in taking TSI to where it is today,” says Paul N. Arnold, chairman of the board for the company, which went public in June 2006. “Alex is a highly talented individual with strong strategic skills and leadership capabilities, and we look forward to working with him.”

Alimanestianu says: “It has been a great pleasure and privilege to have worked with Bob so closely over many years. I am honored to have the opportunity to succeed him and carry out our vision for the company. Looking ahead, the entire TSI organization is excited about the opportunity to further solidify our leadership position in our markets and to continue with our expansion plans.”

TSI’s stock, which reached a high of $24 in April, has been dropping since. The stock closed today at $16.02. TSI operates the Sports Clubs network of clubs, which include Boston Sports Clubs, New York Sports Clubs, Philadelphia Sports Clubs and Washington Sports Clubs.

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