F45 Training names new CEO and elevates Mark Wahlberg to Chief Brand Officer

F45 Training, an Australian fitness franchise with headquarters in Austin, Texas, has announced the appointment of Tom Dowd as CEO and Mark Wahlberg as chief brand officer, effective immediately. Dowd and Wahlberg have partnered on various ventures over the past 12 years, including co-founding investment group MW/TD Inspired and active lifestyle nutrition company Performance Inspired Nutrition. They will be responsible for accelerating the refinement of F45 Training’s strategy to move the brand forward.

Ben Coates, who had been serving as interim CEO since F45 Training co-founder Adam Gilchrist stepped down from that role in July 2022, will continue to serve on the board of directors.

F45 Training has experienced several issues since it went public in July 2021. Gilchrist’s departure, along with a restructuring that involved laying off 45% of its corporate staff, led to a downgrade of its 2022 guidance. Additionally, two financing facilities that would have offered a $250 credit line for franchisees to expand were not available, which meant that the company would open 60% fewer new locations than promised in its guidance two months prior. This news caused shares to drop 60%, and the company’s shares have not traded above $4 since then.

In February, F45 Training closed on a new $90 million subordinated debt facility to improve its balance sheet and drive the business forward. The funding was provided by a consortium of existing investors led by affiliates of Kennedy Lewis Management LP, which made an unsolicited bid in September to purchase F45. The company paused a special committee formed to review and evaluate the bid from affiliates of Kennedy Lewis, and there has been no new information about the bid review.

Dowd has 25 years of experience in a variety of executive roles at GNC Holdings, and he was one of the early investors in F45 Training, which was founded in 2013. Wahlberg, who has served on the F45 board since March 2019, has built multiple brands, including restaurant chain Wahlburgers, Municipal Apparel, and Unrealistic Ideas LLC. He will oversee the company’s branding strategy and explore initiatives to further elevate the F45 brand.

F45 Training trades on the New York Stock Exchanges (NYSE) under FXLV.