Peloton’s co-founder and former CEO rides into the sunset
Posted On September 12, 2022
Peloton co-founder and former CEO John Foley has resigned as executive chairman of the board, marking the latest big shakeup at the connected fitness company (via The Wall Street Journal).
Things have been quite turbulent as of late for Peloton. Despite selling products and classes that are widely beloved, the company has had to cutjobs and adjust prices (both decreases and, months later, increases) this year after overextending to meet increased demand during the early part of the pandemic. In its Q4 2022 earnings report in August, the company reported a $1.2 billion operating loss, though current CEO Barry McCarthy positioned its earnings as a sign of “substantial progress.”
Foley, who was Peloton’s CEO for almost 10 years, stepped…