As training demands moved away from the gym due to pandemic-related shutdowns, Peloton reached heights that precious few tech companies have experienced. That made the connected fitness company’s crash on planet Earth all the more terrifying. co-founder in February John Foley resigned as CEO amid layoffs of 2,800 people.
Spotify’s CFO Barry McCarthy took over as CEO before appointing a slew of new members to the executive team in an attempt to stop the bleeding, tighten the company’s belt and possibly boost the share price in the process.
today, Peloton announced that Foley, who remained as executive chairman, resigned from the company altogether, along with co-founder and chief legal officer Hisao Kushi. Foley’s resignation is effective today, and Kushi’s resignation is scheduled for October 3.
In addition to remaining C-level work, Tammy Albaran will eventually become both general counsel and corporate secretary. He most recently served as Uber’s General Counsel and Deputy Corporate Secretary.
“I would like to express my gratitude to John and Hisao for their shared vision, commitment and passion for Peloton,” McCarthy said in a prepared statement. “Through their hard work, they gave the world the connected fitness industry and created a platform that empowers each of us to be the best version of ourselves. We are indebted to them for their countless contributions.”
Foley’s statement on the matter, predictably, reflected the good times associated with his loyal customer base;
When I look back at the journey Peloton has taken since our founding, I am so proud of what we have built together. The incredible talent we’ve had on our team since day one, and the dedication, hard work and creativity of every Peloton employee has gotten us to where we are today. We started the company because we wanted to make fitness and health convenient, fun and effective. Thanks to the work of thousands of people, we’ve done it.
Now it’s time for me to start a new professional chapter. I have a passion for building companies and building great teams, and I’m excited to do it again in a new space. I leave the company in good hands. The leadership team, with the support of the Board, is preparing to take Peloton to the next level as a company, and I’m excited to know that our members will continue to be surprised, delighted, engaged. , and excited about what’s in store (looking at you, oar).
Goodbye is never easy, but I don’t see it as goodbye. I will always be a member of Peloton and a passionate supporter of our mission. So until we meet again, stay safe and strong. And I’ll see you on the leaderboard.
The move follows recent news that Peloton has begun outsourcing production of its bikes and treadmills after scrapping plans for a massive manufacturing facility. Late last month, it began selling products on Amazon, a major shift for a company that previously focused entirely on sales through first-party channels.