FILE – Peloton CEO John Foley celebrates at the Nasdaq MarketSite before the opening bell and his company’s IPO, Sept. 26, 2019 in New York. Activist investor Blackwells Capital is asking Peloton to remove CEO John Foley and consider selling the company just a few days after a media report said the exercise and treadmill company was temporarily halting production of its connected fitness products amid waning consumer demand.
FILE – This Nov. 19, 2019 file photo shows the logo on a Peloton bike in San Francisco. Peloton’s shares tumbled on Thursday, Jan. 20, 2022, after a media report said the exercise and treadmill company was temporarily halting production of its connected fitness products amid waning consumer demand.
FILE – Peloton CEO John Foley, left, is seen behind one of his company’s fitness machine along with others gathered for the groundbreaking for the company’s first U.S. factory, Monday, Aug. 9, 2021, in Luckey, Ohio. The co-founder of Peloton is stepping down after an extended streak of tumult at the exercise and treadmill company. John Foley will no longer serve as Peloton’s CEO as of Wednesday, Feb. 8, 2022. Barry McCarthy will take over the role and will also serve as president and a board member.
The co-founder of Peloton is stepping down as chief executive after an extended streak of tumult at the exercise and treadmill company.
John Foley first pitched the idea of an interactive exercise bike in 2011, hoping to disrupt the industry. He will give up the CEO position and become executive chair at Peloton Interactive Inc.
Barry McCarthy, who served as CFO at Spotify as well as at Netflix, will take over the CEO position.
Peloton had been the subject in media reports this week of a potential takeover target by either Amazon and Nike. The developments Tuesday deflated hopes for such a deep-pocketed buyer and shares of Peloton slumped 7% before the opening bell.
The company’s shares have been on a roller-coaster ride since the pandemic began. They surged more than 400% in 2020 as COVID-19 forced lockdowns and shifted the workout trend from the gym to the home.
In 2021, the shares gave back nearly all of those gains as businesses reopened and people started heading back to gyms. The stock fell further this year amid reports the company would cut back production of bikes and treadmills to try to offset a decline in sales.
There was also a demand late last month from activist investor Blackwells Capital that Peloton remove Foley as CEO and that it consider selling the company amid waning consumer demand.
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