Bulletin
Investor Alert

Sept. 13, 2022, 7:28 a.m. EDT

Peloton co-founders John Foley, Hisao Kushi step down in latest leadership shake-up

new
Watchlist Relevance
LEARN MORE

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

  • X
    Peloton Interactive Inc. (PTON)
  • X
    RH (RH)
  • X
    S&P 500 Index (SPX)

or Cancel Already have a watchlist? Log In

By Claudia Assis

Peloton Interactive Inc. said late Monday that it has accepted the resignations of co-founders John Foley and Hisao Kushi, the latest leadership shake-up to hit the troubled interactive fitness company.

Foley stepped down as Peloton’s chief executive in early February and had continued as the board’s executive chair. His resignation is effective immediately, Peloton /zigman2/quotes/208035743/composite PTON +3.45% said.

“Now it is time for me to start a new professional chapter,” Foley said in a statement. “I have passion for building companies and creating great teams, and I am excited to do that again in a new space,” he said, without further details.

Kushi, Peloton’s chief legal officer, will resign effective Oct. 3, the company said.

Foley co-founded Peloton in 2012 with Kushi and three others and is credited with using his tech and business experience to build the company into a dominant interactive fitness platform. He was Peloton’s CEO for a decade.

Peloton’s board appointed Karen Boone, a former executive at home goods and furniture retailer RH /zigman2/quotes/200286355/composite RH +0.39% , as its next chair.

Shares of Peloton fell 1.4% in the extended session Monday after ending the regular trading day up 7.2%. So far this year, the stock has dropped 69%, compared with losses of around 14% for the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.16% .

Kushi has served as the company’s top lawyer since 2015. Peloton said that Tammy Albarrán will replace him as chief legal officer and corporate secretary.

Albarrán most recently was Uber Technologies Inc.’s /zigman2/quotes/211348248/composite UBER 0.00% chief deputy general counsel and deputy corporate secretary.

Peloton Chief Executive Barry McCarthy thanked both departing executives for “their shared vision, dedication and passion for Peloton.”

“Through their hard work, they have given the world the connected fitness industry and created a platform that empowers each of us to be the best version of ourselves,” McCarthy said.

Peloton is likely to report fiscal first-quarter results in early November, with analysts polled by FactSet expecting a loss of 64 cents a share on sales of $639 million. That would compare with a loss of $1.25 a share on sales of $805 million in the year-ago period.

Peloton in August posted a sharp loss for its fiscal fourth quarter, with McCarthy saying in a letter to investors at the time that despite declining revenue and other ills, Peloton had made “significant progress driving our comeback and Peloton’s long-term resilience.”

/zigman2/quotes/208035743/composite
US : U.S.: Nasdaq
$ 10.49
+0.35 +3.45%
Volume: 7.92M
Nov. 29, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$3.45 billion
Rev. per Employee
$347,293
loading...
/zigman2/quotes/200286355/composite
RH
US : U.S.: NYSE
$ 276.15
+1.08 +0.39%
Volume: 411,083
Nov. 29, 2022 4:00p
P/E Ratio
12.37
Dividend Yield
N/A
Market Cap
$6.53 billion
Rev. per Employee
$593,551
loading...
/zigman2/quotes/210599714/realtime
US : S&P US
3,957.63
-6.31 -0.16%
Volume: 0.00
Nov. 29, 2022 5:31p
loading...
/zigman2/quotes/211348248/composite
US : U.S.: NYSE
$ 27.76
0.00 0.00%
Volume: 15.01M
Nov. 29, 2022 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$55.36 billion
Rev. per Employee
$991,399
loading...

Get news alerts on Peloton Interactive Inc. — or create your own.
This Story has 0 Comments
Be the first to comment
More News In
Industries

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.