Peloton shares rose 2.3% to $11.30 in after hours trading.
said Monday co-founder John Foley would step down from his role as the fitness equipment maker’s executive chair “to start a new professional chapter,” effective immediately
Foley, who co-founded Peloton in 2012 with four others, will be replaced by Karen Boone, who was elected to the company’s board in 2019. “Now it is time for me to start a new professional chapter. I have passion for building companies and creating great teams, and I am excited to do that again in a new space,” Foley said on Monday.by Barry McCarthy, a former Spotify Technology and Netflix executive.Peloton added on Monday that another co-founder Hisao Kushi would also resign from his role as chief legal officer, effective Oct. 3.
Kushi, who crafted the novel music license deals, will be replaced by former Uber Technologies executive Tammy Albarrán.as demand for its bicycles and treadmills tumbled and the number of subscriptions stagnated. Both had soared early in the COVID-19 pandemic.
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