John Foley, co-founder and former CEO of Peloton.
Michael Nagel | Bloomberg | Good pictures
Peloton Two of the company’s founders and another top executive announced the resignations on Monday, marking the end of an era in which CEO Barry McCarthy has dramatically reshaped the business.
Co-founder and former CEO John Foley resigned as acting chairman of the board effective Monday. Co-founder Hisao Kushi will step down as the company’s chief legal officer on Oct. 3. Chief Commercial Officer Kevin Cornills, who has been with the company since 2018, is leaving on Sept. 23.
Foley served as Peloton’s CEO nearly 10 years ago A major round of layoffs coincides with the resignation in February. McCarthy took the helm and Foley moved to executive chairman.
“There cannot be a peloton without John Foley or Hisao Kushi,” McCarthy wrote to the peloton staff. “Without John’s unwavering commitment to his dream, Peloton would not have a passionate and dedicated community of nearly 7 million members. I want to thank John for paving the way.”
Peloton went public in 2019 as gyms closed in the early days of the pandemic as people stayed home and worked out. The company’s shares hit a high of around $167 in October 2020. However, as of Monday’s close, the stock was at $11.05, down nearly 70% this year alone.
The moves announced Monday represent the latest shakeups under McCarthy, who came to Peloton after stints at Netflix and Spotify. He pushed his peloton breakthrough plan He assumed the role of CEO and realized the depth of the issues affecting the company.
McCarthy’s changes include introducing rental options for the company’s bikes, certifying pre-owned bikes for resale, and selling bikes and other merchandise. Amazonand Peloton’s efforts to expand its digital subscriber base.
Karen Boone, Past President Restoration hardwareHe will succeed Foley as chairman of the board.
Khushi will be replaced by Tommy Albaran. UberChief Deputy General Counsel of As a partner at Covington & Burling, Albarrán helped lead an investigation into Uber’s workplace culture before its 2017 IPO. “Albarron oversaw Uber’s global legal teams and was a driving force behind the company’s cultural transformation,” McCarthy wrote in Monday’s press release, which called Uber’s changes “profound.”
He will assume the new title of chief emerging business officer as chief strategy officer Dianne Sanders, who oversaw many of McCarthy’s transitions, assumes many of the responsibilities of outgoing chief business officer Cornells. The company signaled its commitment to its apparel and accessories initiatives, which will be officially overseen by Peloton’s chief content officer, Jen Cotter.
Foley, for his part, praised the management team he is leaving behind and hinted at a new initiative.
“Now is the time for me to begin a new professional chapter,” Foley said in Monday’s release. “I have a passion for building companies and building great teams, and I’m excited to do that again in a new place.”
“Total coffee junkie. Tv ninja. Unapologetic problem solver. Beer expert.”