Friday, December 08, 2006

Gold's Gym Announces Resignation of Gene Lamott

Gold's Gym International announced on 28 November the resignation of Gene LaMott, Chief Executive Officer. The company's board of directors has appointed David Schnabel to serve as the new CEO.

"On behalf of our entire board of directors, I want to thank Gene LaMott for leading Gold's Gym through one of the greatest transitions in its 41 year history," said David Schnabel. "We appreciate his efforts and wish him well in future endeavors."

LaMott began his association with the Gold's Gym family as an 8 unit franchisee in the late '80's & early '90's. He transitioned into corporate leadership at Gold's when he was named COO in 2000. He has served the corporation and the system as CEO since 2001. He helped guide the company through its sale to TRT Holdings in 2004 and oversaw the corporate move to Dallas in 2005. During LaMott's tenure the brand evolved substantially as the company saw increases in system sales, franchising and product licensing while corporate owned gyms grew to over 50 locations. He will be returning to his home in California to spend more time with his wife, children and young grandchildren.
"I am proud of what we've been able to accomplish during my time at Gold's Gym and feel that the company is well positioned for future growth," said LaMott. "After spending the past two years commuting back and forth between Texas and California, I'm looking forward to spending more time at home."

David Schnabel was the Vice President of Acquisitions for TRT Holdings and has served as a member of the board of directors for Gold's Gym International since its acquisition by TRT in 2004. He was responsible for sourcing the acquisition of Gold's Gym for TRT Holdings and has been actively involved in the strategic planning of the company since that time. Schnabel has worked at some of the nation's most recognized firms, including Goldman Sachs and McKinsey & Co., and holds both an undergraduate degree from Stanford University and a graduate degree from the Harvard School of Business.

"Gold's Gym is the greatest name in the fitness industry and there are tremendous opportunities in front of us," said Schnabel. "I look forward to working with both the GGI executive team and our franchisee leadership to maximize the potential of the Gold's Gym brand."

About Gold's Gym

Established in Venice, Calif. in 1965, Gold's Gym is the largest co-ed gym chain in the world with over 600 locations in 42 states and 27 countries. Gold's Gym offers the latest equipment and services, including group exercise, personal training, cardiovascular equipment, spinning, Pilates and yoga, while maintaining its core weight lifting tradition. With nearly 3 million members worldwide, Gold's Gym continues to change lives by helping people achieve their individual potential.


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