Xponential Fitness Appoints New CEO as King Retires; Shares Drop 19% After Q2 Report

Xponential Fitness Inc. has named Mike Nuzzo as chief executive, effective immediately, to replace Mark King, who resigned for health reasons.

King initially announced his retirement from the Irvine-based fitness franchisor in May. Nuzzo succeeds the former Taco Bell CEO a year after Xponential (NYSE: XPOF) recruited King to help stabilize the business.  

Nuzzo most recently served as CEO at Texas-based Eyemart Express for almost three years, where he reinvigorated the business until it was acquired by VSP Vision in January.  

He also spent seven years at Petco as chief financial officer and later as chief operating officer, involved in launching the company’s in-store veterinary hospital concept, its 2016 sale transaction, the 2021 initial public offering and international expansion. Other previous roles include leadership positions at 4moms, General Nutrition Centers (GNC) and Abercrombie & Fitch. 

“The Board is confident in Mike’s proven track record of operational excellence and strategic leadership, having delivered results across some of the most recognized names in the consumer services industry, with a strong track record across strategic, operational, financial, and growth-driving disciplines,” Xponential Chairman Mark Grabowski said in a statement.  

Xponential also reported second quarter results on Aug. 7 that missed analysts’ estimates. Shares dropped 19% to $7.75 apiece in after-hours trading with a market cap of $468 million.  

The company reported Q2 revenue fell 1% to $76 million and adjusted net income of $14.5 million, or 26 cents per basic share. Xponential then lowered its 2025 guidance for total revenue and adjusted EBITDA.