Planet Fitness stock plummets after CEO ousted

Shares of Planet Fitness (PLNT) fell sharply after the company's board ousted CEO Chris Rondeau. In a statement, the Chair of the company's board, Stephen Spinelli, Jr., writes that "as we enter the next chapter of Planet Fitness' journey, the Board felt that now was the right time to transition leadership..." Rondeau will remain a member of the board. Yahoo Finance's Rachelle Akuffo breaks down the stock's reaction.