Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment
of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 20, 2021, Planet Fitness, Inc. (the "Company") announced that its
board of directors (the "Board") increased its size from six to eight and
appointed Bernard Acoca and Christopher Tanco to fill the vacancies, effective
January 20, 2021. Having considered their respective qualifications and the
independence standards of the Securities and Exchange Commission and the New
York Stock Exchange, the Board affirmatively determined that each Mr. Acoca and
Mr. Tanco is independent and well qualified to serve on the Board.
Mr. Acoca has served as the Chief Executive Officer and President for El Pollo
Loco, the nation's largest restaurant brand specializing in fire-grilled
chicken, since March 2018. Before joining El Pollo Loco, Mr. Acoca spent seven
years at Starbucks Corporation in various capacities as a member of its
executive team. Most recently, Mr. Acoca served as President of Teavana,
Starbucks' global tea brand from September 2015 to February 2018. In this role
he was responsible for the overall strategy and operations of more than 375
Teavana specialty retail stores in North America, as well as its e-commerce
business. Prior to that, he served as Vice President, Marketing and Promotions,
Americas from 2010 to 2012 and as Senior Vice President, Marketing and Category,
Americas from 2012 to 2014. From 2014 to 2015, Mr. Acoca served as Chief
Marketing Officer for the Americas of L'Oréal S.A. Prior to Starbucks, Mr. Acoca
was employed by YUM! Brands, Inc., where he held various marketing positions of
increasing responsibility from 2002 to 2010. Mr. Acoca currently serves on the
board of El Pollo Loco. He graduated from Emory University with a Bachelor of
Arts in History and International Studies.
Mr. Tanco has served as the Executive Vice President and Chief Operating Officer
for 7Eleven, Inc. since December 2015. As COO, he leads Franchise and Corporate
Operations for 15,000 stores, the company's Digital initiatives, Restaurant
Expansion, Operations Support, Field Merchandising and Sales, Store of the
Future, Fuels and the Canada Business Unit. Mr. Tanco first joined 7-Eleven in
November 2009 and served as an Executive Vice President and led 7Eleven's
international business across 18 countries from March 2012 until November 2015.
Before joining 7Eleven, he was the Chief Franchise Officer for Pizza Hut. With
nearly 20 years of experience, he served in various operations, international,
general management, and franchise leadership roles with Yum! Brands. Mr. Tanco
serves on the boards of 7Eleven, Inc. and Urban Air Adventure Parks. He
received his Bachelor of Arts in Interdisciplinary Studies from the Ateneo de
Manila University, Manila, Philippines, and earned his M.B.A. from Darden
Graduate School of Business Administration at the University of Virginia.
Mr. Acoca will serve as a Class III director, which class will stand for
re-election at the Company's 2021 annual meeting of stockholders. He has not
been appointed to any of the Board's committees at this time. Mr. Tanco will
serve as a Class I director, which class will stand for re-election at the
Company's 2022 annual meeting of stockholders. He has not been appointed to any
of the Board's committees at this time.
Messrs. Acoca and Tanco will participate in the Company's standard non-employee
director compensation program as described in the Company's Proxy Statement
filed with the Securities and Exchange Commission on March 20, 2020. In
conjunction with their appointments to the Board, Messrs. Acoca and Tanco each
received an equity award of 1,004 restricted stock units with a grant date value
of $80,000.
There are no arrangements or understandings between either Mr. Acoca or Mr.
Tanco and any other person pursuant to which either was appointed director of
the Company. There are no transactions involving either Mr. Acoca or Mr. Tanco
requiring disclosure under Item 404(a) of Regulation S-K.
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