Company takes additional steps towards creating
a more focused and efficient operating model
Fitbit, Inc. (NYSE:FIT), the leader in the connected health and
fitness market, today announced changes to its senior leadership
team and provided updates on its previously announced efforts to
reorganize its business to reignite growth and return to
profitability.
The company has promoted Vice President of Engineering, Samir
Kapoor, to Senior Vice President of Device Engineering, reporting
to co-founder and CTO, Eric Friedman. Samir brings nearly 20 years
of engineering management experience, most recently having spent
ten years with Qualcomm, and will be responsible for streamlining
the integration between firmware, hardware and advanced R&D,
with the goal of speeding up the company’s product development
process. In addition, as previously announced, Jeff Devine has
joined Fitbit as Executive Vice President of Operations. Jeff
brings more than 25 years of operating experience scaling global
technology brands including Cisco, Nokia, and Hewlett-Packard. He
will be responsible for operations, customer service, and overall
quality, reporting to co-founder and CEO James Park.
“Jeff and Samir bring valuable experience to our leadership team
and these new roles will help us increase speed and efficiency
throughout the company as we continue to create world-class health
and fitness solutions that people can’t live without,” said James
Park, co-founder and CEO.
The company also announced the departure of two executives by
the end of the month: Woody Scal, Chief Business Officer, and Tim
Roberts, Executive Vice President, Interactive.
“Woody and Tim were two of Fitbit’s first employees and I’d like
to thank them for their many contributions over the years, and for
helping make Fitbit the category leader it is today. Over the past
six years, Woody was instrumental in creating a world-class health
and fitness brand and pioneering its entry into digital health. He
led the growth of our business from $5 million to over $2 billion
in revenue with over 60 million devices sold via 55,000 storefronts
in 64 countries. During that same period, Tim played a key role in
creating one of the world’s largest health and fitness social
networks and an interactive experience that tens of millions of
Fitbit users around the world love,” said Park.
In addition, Fitbit will formally align around two areas of
focus: Consumer Health and Fitness and Enterprise Health. Consumer
Health and Fitness will focus on delivering a streamlined set of
health and fitness devices, entering new markets such as the
smartwatch category and offering premium software and services that
provide more personalized insights and guidance. Enterprise Health
will expand on the company’s early successes in working with
insurance companies, employers, health systems and other healthcare
partners.
“2017 is a transition year and while we continue to lead the
connected health and fitness market, we must take important steps
to chart our return to profitability and growth. It is essential
that we are organized properly so that we can successfully execute
our strategy,” said Park. “My confidence in our future is as strong
as ever and I believe the steps we are taking will contribute to
our long-term success.”
Forward Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties, including statements regarding the
speed and efficiency of our product development process; our focus
on Consumer Health and Fitness and Enterprise Health; our ability
to strengthen performance and reinvigorate growth through
delivering a streamlined set of health and fitness products and
premium services that offer greater personalization to our users
and maintaining our pace of innovation; our ability to more deeply
integrate into the healthcare market; our return to profitability
and growth and our long term outlook. These forward-looking
statements are only predictions and may differ materially from
actual results due to a variety of factors including: the effects
of the highly competitive market in which we operate, including
competition from much larger technology companies; our ability to
anticipate and satisfy consumer preferences in a timely manner; our
ability to successfully develop and timely introduce new products
and services or enhance existing products and services; customer
acceptance of existing and new products; seasonality; any inability
to accurately forecast consumer demand and adequately manage our
inventory; our ability to ship products on the timelines we
anticipate and unexpected delays; quarterly and seasonal
fluctuations; our reliance on third-party suppliers, contract
manufacturers, and logistics providers, and our limited control
over such parties; delays in procuring components and product from
these third parties or their suppliers; the ability of third
parties to successfully manufacture and ship in a timely manner
quality accessory products; uncertain ability to retain employees;
the success of our cost reduction initiatives, which may not result
in the anticipated cost savings in the timeframe we anticipate;
product liability issues, security breaches or other defects, which
may adversely affect product performance, our reputation and brand
awareness and overall market acceptance of our products and
services; ability to integrate acquired technologies and employees
into our operations, particularly in new geographies; warranty
claims; the fact that the market for connected health and fitness
devices is relatively new and unproven; the ability of our channel
partners to sell our products; litigation and related costs;
privacy; other general market, political, economic and business
conditions.
Additional risks and uncertainties that could affect our
financial results are included under the caption “Risk Factors” in
our Annual Report on Form 10-K for the full year
ended December 31, 2016, which is available on our Investor
Relations website at investor.fitbit.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 we do not assume any obligation to
update these statements as a result of new information or future
events.
About Fitbit, Inc. (NYSE: FIT)
Fitbit helps people lead healthier, more active lives by
empowering them with data, inspiration and guidance to reach their
goals. As the leader in the connected health and fitness
category, Fitbit designs products and experiences that
track everyday health and fitness. Fitbit’s diverse line of
award-winning products
includes Fitbit Surge®, Fitbit Blaze™, Fitbit
Charge 2™, Fitbit Charge HR™, Alta™, Fitbit
Charge™, Fitbit Flex 2™, Fitbit Flex®, Fitbit One® and
Fitbit Zip® activity trackers, as well as
the Aria® Wi-Fi Smart Scale. Fitbit products
are carried in 54,000 retail stores and in 65 countries around the
globe. Fitbit Group Health uses the power of
the Fitbit activity trackers, software, and services to
deliver innovative solutions for corporate wellness, weight
management, insurance and clinical research. Fitstar by Fitbit
offers a digital health and fitness platform that helps and
inspires users to get fit anytime, anywhere, and has a footprint of
over 6.8 million downloads across the Fitstar Personal Trainer and
Fitstar Yoga apps with availability in 155 countries.
Fitbit and the Fitbit logo are trademarks or registered
trademarks of Fitbit, Inc. in the US and other countries.
Additional Fitbit trademarks can be found at
www.fitbit.com/legal/trademark-list. Third-party trademarks are the
property of their respective owners.
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version on businesswire.com: http://www.businesswire.com/news/home/20170306006375/en/
Fitbit, Inc.Jen Ralls, 415-941-0037PR@fitbit.com
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