EL
SEGUNDO, Calif., April 19,
2022 /PRNewswire/ -- The Beachbody Company, Inc.
(NYSE: BODY) ("Beachbody" or the "Company"), a leading subscription
health and wellness company, today announced that Sue Collyns, President and Chief Financial
Officer, will leave the Company and transition to a new chapter of
opportunities in both the for-profit and non-profit sectors.
Marc Suidan, a former Partner at
PricewaterhouseCoopers, will assume the role of Chief Financial
Officer, effective May 10, 2022,
following the company's first quarter earnings call. To ensure a
smooth transition, Suidan has joined the Company effective
immediately as a senior advisor, and Collyns will remain with the
Company through May 31, 2022. Ms.
Collyns will then provide advisory services under a consulting
agreement through May 31, 2023.
Collyns' departure is not related to any disagreement with the
company's accounting principles, practices, or financial statement
disclosures. The Company will announce its first quarter financial
results on May 9, 2022 and
anticipates reporting revenue and Adjusted EBITDA to be slightly
ahead of its previous guidance.
"I'd like to thank Sue for the substantial contributions she has
made in her over seven years at Beachbody. Her strong leadership
has been integral to our success, playing a key role in many
important milestones in our Company's history, including the
transformation to a subscription-based, digital-first model, eight
successful capital raise and M&A transactions and our
transition to a newly public company," said Carl Daikeler, Beachbody's Co-Founder, Chairman,
and CEO. "Sue elevated our finance organization and strengthened
the team, and I am extremely grateful for Sue's partnership and
leadership. Her career with Beachbody will be reflected in every
aspect of our ongoing success."
Collyns said, "It has been a privilege to work alongside Carl
and our leadership team, the many talented individuals at Beachbody
and to be part of its successful transition into a digital
subscription model. I am so proud of what we have accomplished and
the strong foundation we've created together. With Beachbody now
established as a public company, the time is right to transition to
the next chapter in my personal and professional life and I want to
thank Carl and the Board of Directors for their support. I'm
excited about the Company's future and wish the team continued
success."
Suidan joins Beachbody with extensive financial consulting and
transformation experience in the global technology sector. He has
helped companies enhance shareholder value by spearheading digital
and financial transformation initiatives. Suidan has served
as a Partner at PricewaterhouseCoopers since 2011 and was most
recently the Global Tech, Media and Telecom Leader. Previously, he
served as Co-Founder and CFO of several startups. His early career
also included controller and senior auditor roles. Suidan holds an
MBA from the Kellogg School of Management at Northwestern University, a Bachelor of Management
from McGill University, and is an
active CPA in Canada.
"We are excited to welcome Marc to Beachbody," Daikeler said.
"Marc brings an entrepreneurial spirit for building businesses and
a passion for how technology can transform every aspect of our
lives, alongside deep experience aligning finance functions with
high growth technology to drive business transformation across many
companies. This experience, combined with his proven, trusted
advisor and strategic leadership qualities, make him a great
addition to our leadership team."
In addition, the Company announced today that Kathy Vrabeck, Chief Strategy Officer of the
Company, has taken over the role of Chief Operating Officer,
effective as of April 15.
About The Beachbody Company,
Inc.
Headquartered in Southern
California, Beachbody is a leading digital fitness and
nutrition subscription company with over two decades of creating
innovative content and powerful brands. The Beachbody Company is
the parent company of the Beachbody On Demand streaming platform
(BOD) including its the live digital streaming subscription BODi,
and the Beachbody Bike powered by MYXfitness, the Company's
connected indoor bike. For more information, please
visit TheBeachbodyCompany.com.
Forward Looking Statements: This press release contains
"forward-looking" statements pursuant to the safe harbor provisions
of the Securities Litigation Reform Act of 1995, which are
statements other than historical fact or in the future tense. These
statements include but are not limited to, statements regarding our
future performance and our market opportunity, including
anticipated appointment and election of our officers and directors,
guidance regarding our anticipated future financial results, our
business strategy, our plans, and our objectives and future
operations.
Forward-looking statements are based upon various estimates and
assumptions, as well as information known to us as of the date
hereof, and are subject to risks and uncertainties. Accordingly,
actual results could differ materially due to a variety of factors,
including: our ability to effectively compete in the fitness and
nutrition industries; our ability to successfully acquire and
integrate new operations; our reliance on a few key products;
market conditions and global and economic factors beyond our
control; intense competition and competitive pressures from other
companies worldwide in the industries in which we operate; and
litigation and the ability to adequately protect our intellectual
property rights. You can identify these statements by the use of
terminology such as "believe", "plans", "expect", "will", "should,"
"could", "estimate", "anticipate" or similar forward-looking terms.
You should not rely on these forward-looking statements as they
involve risks and uncertainties that may cause actual results to
vary materially from the forward-looking statements. For more
information regarding the risks and uncertainties that could cause
actual results to differ materially from those expressed or implied
in these forward-looking statements, as well as risks relating to
our business in general, we refer you to the "Risk Factors" section
of our Securities and Exchange Commission (SEC) filings, including
those risks and uncertainties included in the Form 10-K filed with
the SEC on March 1, 2022 and
quarterly reports on Form 10-Q, which are available on the Investor
Relations page of the Beachbody website
at https://investors.thebeachbodycompany.com and on the
SEC website at www.sec.gov.
All forward-looking statements contained herein are based on
information available to us as of the date hereof and you should
not rely upon forward-looking statements as predictions of future
events. The events and circumstances reflected in the
forward-looking statements may not be achieved or occur. Although
we believe that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results,
performance, or achievements. We undertake no obligation to update
any of these forward-looking statements for any reason after the
date of this press release or to conform these statements to actual
results or revised expectations, except as required by law. Undue
reliance should not be placed on forward-looking statements.
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SOURCE The Beachbody Company, Inc.