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.
The announcement came at the same time as the British publicly traded holding company announced a raise of $5.5 million (3.5 million pounds) from share placements. The company intends to use that funding for an immediate growth push, starting with a major presence at CES, the company said.
“The company has come a very long way in a short period and has been overwhelmed by the support it has received from both new and existing shareholders. This is a period of significant opportunity for Fitbug,” Kee said in a statement. “Through the recent retail agreements including Target Corporation and UK supermarket, J Sainsbury plc, the launch of Kiqplan, a digital health coaching platform, and a partner agreement with Samsung Electronics (UK) Limited, the business continues to gain momentum in a large and rapidly growing market place.”
Fitbug launched Orb in October 2013 and Kiqplan just this past November. As Kee alluded to, Fitbug was among the companies showcased at the launch of the Samsung Digital Health Platform last month.
