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Interactive Strength Inc. (NASDAQ:TRNR) announced changes to its executive leadership this week, according to a statement filed with the Securities and Exchange Commission.
On Monday, Michael J. Madigan notified the company of his decision to resign as Chief Financial Officer, effective November 14. The filing states that Madigan did not express any disagreement with the company’s operations, policies, or practices.
The Board of Directors appointed Caleb Morgret as the new Chief Financial Officer, principal financial officer, and principal accounting officer, effective November 15. Morgret, age 48, joins Interactive Strength with more than 20 years of experience in finance roles across various industries. His previous positions include Chief Financial Officer at Centenara Labs AG, a biotechnology company based in Switzerland, and leadership roles at Kommunalkredit Austria AG, Lucero Energy, and White Star Petroleum. Morgret began his career at J.P. Morgan Securities Ltd. in 2001 and has also served on the boards of several life sciences companies.
According to the company’s statement, Morgret holds an undergraduate degree from the University of South Carolina, an MBA from Southern Methodist University, and is a CFA charterholder. There are no family relationships between Morgret and any current officers or directors, and there are no related party transactions reportable under SEC regulations.
Morgret’s employment agreement provides for an annual base salary of $300,000 and eligibility for a performance-based bonus of up to 50% of his base salary, subject to the company’s annual performance bonus plan.
The information is based on a press release statement filed with the SEC.
In other recent news, Interactive Strength Inc. announced the appointment of Caleb Morgret as the new Chief Financial Officer, effective November 15, 2025. Morgret will replace Michael Madigan, who will step down following the release of the company’s third-quarter earnings on November 14. Morgret brings over 20 years of finance experience, primarily in Europe, and has been involved with the company’s pending acquisition of Berlin-based Sportstech. This strategic move aligns with Interactive Strength’s focus on the European market, anticipated to contribute significantly to the company’s projected 2025 pro forma revenue of over $80 million.
Additionally, Interactive Strength held its annual shareholder meeting at its Austin, Texas headquarters. Shareholders approved several proposals, including the election of directors and a reverse stock split. The meeting saw the participation of 700,271 shares, representing a quorum out of the 1,519,418 shares eligible to vote. These developments reflect the company’s ongoing strategic initiatives and governance efforts.
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