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F45 Loses Another Board Member as Ben Coates Departs

F45 Loses Another Board Member as Ben Coates Departs

F45 board
The departure of Coates, who had served as F45’s interim CEO, follows that of F45’s co-founder Adam Gilchrist.

The shake-ups continue for F45 Training as Ben Coates has resigned from F45’s board. The news comes on the heels of F45’s co-founder and former CEO Adam Gilchrist officially cutting ties with the functional fitness company.

Coates’ departure was disclosed in a recent filing with the SEC. 

The filing outlines that Coates stepped down from his position as interim president and CEO of F45 effective March 29, 2023, but continued as a member of the board of directors.

On April 27, Coates notified F45 that he would resign from the board, effective immediately. 

The company confirms that Coates didn’t serve on any board committees.

He entered into a separation agreement with F45 on April 29, 2023, in connection with his resignation from his role as president and CEO. 

According to the filing, Coates will be eligible for payments and benefits, subject to certain agreed conditions set forth in the agreement, such as payment of his base salary from April 1, 2023, through July 31, 2023, in the total amount of $500,000 less applicable taxes and withholdings, paid in a lump sum.

F45 recently appointed Tom Dowd as CEO and Mark Wahlberg as chief brand officer

Dowd will receive $1 million a year as CEO, while Wahlberg will be compensated $1 annually.

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Just last month, F45 received a non-compliance notice from the New York Stock Exchange, the result of its failure to timely file its annual Form 10-K report for the year ending December 31, 2022, with the SEC.

F45 has six months from March 31 to file the 2022 Form 10-K with the SEC to regain compliance with the NYSE listing standards. If the company fails to file the required form before the NYSE’s compliance deadline, the NYSE may grant an extension of up to six additional months for the fitness brand to regain compliance.

F45 is expected to release its next earnings report May 15.

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