// Gymshark co-founder Ben Francis to return as CEO this August

// Francis is set to return on August 1 to replace Steve Hewitt

// Hewitt will remain at Gymshark as its executive president

Gymshark co-founder Ben Francis is reclaiming the role of chief executive this August as the company expands into the US and Asia.

Francis is set to return on August 1 to replace Steve Hewitt, four years after stepping back from leading the athleisure retailer.

Hewitt was appointed to the role of chief executive in 2017, after two years as the brand’s managing director.

READ MORE: Gymshark picks California for its first US distribution centre

Hewitt will remain at Gymshark as its executive president, where he will support the company’s expansion and remain in an advisory role.

Francis owns 70 per cent of Gymshark, which was valued at more than £1 billion last August, and said he had been planning to return for two years after Hewitt indicated that a change was needed.

Francis sold a 21 per cent stake to the US private equity firm General Atlantic last year in a move that he said would help to accelerate its expansion in the US and Asia.

Revenues rose to £260 million last year, with profits of £30 million, and are expected to exceed £400 million in the year to July.

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