John Foley, a co-founder of Peloton, is leaving the firm he established.
According to Peloton (NASDAQ:PTON), the troubled founder will depart the company’s board of directors. Peloton recruited former Spotify executive Barry McCarthy as CEO only a few months ago.
What Happened to Peloton Stocks?
Once a worldwide success story, peloton stock (NASDAQ:PTON) is nearing all-time lows. Last year, the business briefly paused manufacturing its at-home exercise equipment to minimize costs in the face of a “substantial decrease” in customer demand. Peloton informed staff last month that the company was laying off 800 people, shutting retail outlets, and boosting pricing.
A press statement states, “the business has accepted the resignations of John Foley as Executive Chair and Hisao Kushi as Chief Legal Officer, effective September 12, 2022, and October 3, 2022, respectively.”
Tammy Albarrán, who most recently worked as Uber’s chief deputy general counsel and deputy corporate secretary, will take over for Kushi.
According to Yahoo Finance, Foley, who owns about 60% of Peloton’s voting shares with his wife and other insiders, may sell his position in the firm following a cooling-off period.
Peloton was created in 2012 after Foley, a cyclist, received over $300,000 in seed funding for his workout firm. He co-founded the sports equipment firm with Graham Stanton, Hisao Kushi, Yony Feng, and Tom Cortese. The firm went public in September 2019.
“As I think on Peloton’s journey since its inception, I am incredibly proud of what we have accomplished together,” Foley said. “From the beginning, the great talent on our team, as well as the devotion, hard work, and ingenuity of every Peloton employee, has propelled us to where we are now. We started the firm because we wanted to make exercise and health more accessible, enjoyable, and effective. We’ve accomplished this thanks to the efforts of thousands of individuals.”
Peloton stated in July that it would outsource the manufacture of its bikes and treadmills to a third party, and the business disclosed another big strategic move last month when it started selling certain equipment and gear via Amazon.
Featured Image – Megapixl © Mohammedsoliman4
Author Okoro Chinedu 
