Logan-based iFIT Health & Fitness said Monday its longtime CEO and co-founder, Scott Watterson, was stepping down.
Scott Watterson remains as board chairman but will step away from direct management as the firm welcomes a $355 million capital infusion, led by private equity firm L Catterton.
The company’s chief financial officer, Steve Barr, and Mark Watterson, chief experience officer, will serve as co-presidents. The news comes after iFIT laid off an undisclosed number of employees last week at its Cache County headquarters and operations worldwide in what one source said was a cost-cutting move essential to “safeguard the business long term.”
The company offers popular brands such as NordicTrack and ProForm, powered by an interconnected health and fitness platform with experiential content and interactive hardware. It said Monday it has over 7.3 million subscribers across more than 120 countries and was seeing increasing member participation in workouts and events.
Monday’s moves are the latest fallout from iFIT’s indefinite delay of an initial public offering in October that the company abruptly withdrew, citing “adverse market conditions.” That stock sale was set to bring huge windfalls to several company executives — including a top leader of The Church of Jesus Christ of Latter-day Saints and another high-ranking authority who had recently stepped down from his church position.
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