Peloton Co-Founder John Foley Stepping Away From Leadership Team

Sep 13, 2022 By MarketDepth

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Peloton (PTON:NYQ) is seeing another shakeup on its leadership team and this time its co-founder John Foley has left to allow room to turn the company around. The company started making changes by adding former Spotify exec Barry McCarthy as CEO. The company has been on a downward spiral as stock price and revenue continue to drop.

“The company 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.”

Press release stated

John Foley is joined by Hisao Kushi who is being replaced by Tammy Albarran who came from Uber’s team. On the news of the shakeup, the stock is down 12% intraday and down 70% year-to-date. Peloton is grasping at straws on how they can turn revenue around after seeing a huge spike during the pandemic.