Peloton Top Exec Pops His Chain
The once-popular stationary bike company said Monday it accepted resignation of co-founder, Executive Chairman John Foley
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- Move comes months after Peloton hired former Spotify executive Barry McCarthy as CEO to revive beleaguered company.
- Peloton was from its start in 2012 popular among trendy, higher-income Americans and soared during early and middle stages of pandemic when people couldn’t exercise at a gym.
- Peloton stock is now near all-time lows, amid what company calls “significant reduction” in consumer demand.
- Peloton told employees last month it was cutting 800 jobs, closing retail stores, and raising prices.