Fitbug Holdings CEO Malcolm Fried will step down at the end of this year, according to a statement from the company. Fried, who came to Fitbug from Bloomberg, has only been with the company since April, when he succeeded LA Fitness founder David Turner.
“Malcolm Fried, the CEO of Fitbug Holdings Plc, has decided to step down from the company at the end of the year,” Fitbug wrote in a statement. “Malcolm joined to assist with the formation of strategy and the identification of commercial markets. The company now has a firm focus and direction and Malcolm has chosen to resign from the Board.”
Fried will remain available in a consulting role, while Fergus Kee, currently the chairman of Fitbug Holdings will revert to his original position of executive chairman and take over management of the company. Meanwhile, Fitbug founder Paul Landau will continue to serve as CEO of Fitbug Ltd, the operating company that actually produces and sells Fitbug Orb devices.
Fitbug Holdings is a digital health and fitness business consisting mainly of a coaching service called Kiqplan, which launched earlier this year, and the Fitbug Orb, a low-cost activity tracker. Keep reading>>