When Peloton founder John Foley was a student in grade school, iFIT founder, Scott Watterson, invented home fitness products that changed the industry forever.
In the last 12 months, Peloton has struggled to stay relevant while iFIT continued to dominate the home fitness industry.
iFIT made Scott Watterson a very wealthy man. Forbes estimates that his wealth exceeds $3.7 billion, making him the second richest person in Utah and the 310th richest person in the country.
He is married, has five children, and lives in Logan, Utah.
Who is Scott Watterson?
Scott Watterson is the cofounder of ICON Health & Fitness, Utah-based fitness equipment maker iFIT.
ICON Health & Fitness is known for its innovation in treadmills, stationary bikes, ellipticals, fitness wearables, trail running shoes, fitness accessories for strength training, and yoga. The company owns many brands, including NordicTrack, Freemotion, ProForm, Gold's Gym, and more.
Scott Watterson served as a full-time missionary in Taiwan.
Scott was raised in a Mormon family in Logan, Utah.
After finishing High School, he served as a full-time missionary in Taiwan for The Church of Jesus Christ of Latter-day Saints. Once he returned, he attended Utah State University, earning his business marketing degree in 1979.
Watterson partnered with Gary Stevenson to start their first business.
In 1977, while attending college, Scott's father and two friends gave Scott $3000 to start his first business.
Scott partnered with Gary Stevenson, and they created Weslo. The company made its name on importing kitchenware from the Far East. Scott and Gary kept growing the company until they sold most of it to Weider Health and Fitness for an undisclosed amount in 1989.
In 1994, the company started to be known as Icon Health & Fitness, Inc.
Stevenson left the company in 2008.
The two cofounders remained as minority owners, and Watterson stayed the CEO. However, in 2008, Gary Stevenson left the company to serve as a member of the Mormon Church's First Quorum of the Seventy.
Last year, ICON Health & Fitness announced that it had changed its corporate name to iFit Health & Fitness Inc. Today, the company focuses on delivering personalized health and fitness experiences to more than five million members in 120 countries.
Scott says, "This name change reflects our focus on providing state-of-the-art fitness technology solutions to as many people as possible."
More than 40 years later, Scott Watterson is still a dominant figure in ICON.
Scott Watterson is still involved in the company's direction and strategy as the company's Chairman of the Board and CEO.
In the last few years, he shifted the company from manufacturing to membership focus. He partnered with Planet Fitness to offer more than 15,000 home workouts classes. He also introduced mindfulness exercises and yoga classes.
He serves on the Board of Directors for The Employers Council. The organization's mission is to partner with employers to provide exceptional workplaces. He also serves on the Board of Trustees at Utah State University and many more roles in his home state.
If you had his money, what would be your next move?