Paul Stoneham to Lead the Company's Next Phase of Growth
FRANKLIN PARK, Ill., Nov. 16, 2021 /PRNewswire/ -- Life Fitness, the global leader in commercial fitness and home recreation equipment, is pleased to announce the appointment of Paul Stoneham as Chief Executive Officer, effective immediately.
Mr. Stoneham is 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.
As chief executive, Mr. Stoneham has led three global consumer businesses and achieved successful exits by delivering market leading growth across different industries: most recently and for the past six years, Helly Hansen AS, a technical outerwear company, GHD Group Holdings in professional haircare and Boots Healthcare International in consumer healthcare. He began his career in consumer products at Procter & Gamble, and was President of Global Business Development at Colgate-Palmolive, leading the global categories. He holds an MBA from Harvard University, and a BA in Sociology from the University of Western Ontario in Canada.
"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," Mr. Stoneham said. "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."
The company thanks departing CEO Chris Clawson for his years of service at Life Fitness and wishes him well in his future endeavors.
About Life Fitness
Life Fitness is the global leader in commercial fitness and home recreation equipment. The company manufactures and sells its strength and cardiovascular equipment, billiards tables and accessories, and game room furniture through its iconic family of brands that includes Life Fitness, Hammer Strength, Cybex, ICG®, SCIFIT and Brunswick Billiards. Its equipment is distributed to over 250,000 fitness facilities in more than 160 countries globally. Life Fitness is headquartered near Chicago, in Franklin Park, Illinois. Life Fitness is a portfolio company of KPS. For more information about the Life Fitness family of brands, visit http://www.lifefitness.com.
About KPS Capital Partners LP
KPS Capital Partners, LP ("KPS"), through its affiliated management entities, is the manager of the KPS Special Situations Funds, a family of investment funds with approximately $13.5 billion of assets under management (as of June 30, 2021). For nearly three decades, the Partners of KPS have worked exclusively to realize significant capital appreciation by making controlling equity investments in manufacturing and industrial companies across a diverse array of industries, including basic materials, branded consumer, healthcare and luxury products, automotive parts, capital equipment and general manufacturing. KPS creates value for its investors by working constructively with talented management teams to make businesses better, and generates investment returns by structurally improving the strategic position, competitiveness and profitability of its portfolio companies, rather than primarily relying on financial leverage. The KPS Funds' portfolio companies currently generate aggregate annual revenues of approximately $14.4 billion, operate 164 manufacturing facilities in 26 countries, and have approximately 41,000 employees, directly and through joint ventures worldwide (as of June 30, 2021, pro forma for recent acquisitions and exits). The KPS investment strategy and portfolio companies are described in detail at www.kpsfund.com.