Peloton Top Exec Pops His Chain

The once-popular stationary bike company said Monday it accepted resignation of co-founder, Executive Chairman John Foley

  • 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.