Peloton Interactive Executive Chairman and co-founder John Foley is stepping down from the fitness company as part of a leadership shake-up, extending the turbulence at a business trying to pull out of a deep slump.
Peloton Interactive Inc. Executive Chairman and co-founder John Foley is stepping down from the fitness company as part of a leadership shake-up, extending the turbulence at a business trying to pull out of a deep slump.
Peloton investors initially applauded the changes, sending the shares up as much as 5.3 per cent to US$11.64 in extended trading on Monday. But the rally soon evaporated, with the stock declining more than 2 per cent. McCarthy’s goal is to make Peloton cash-flow positive in the second half of the coming fiscal year. “We continue to make steady progress, but we still have work to do,” he said last month, while acknowledging that the company’s financial performance may cause some to doubt the “viability of the business.”
Albarran will take over Peloton’s legal operations on Oct. 3. She helped oversee a corporate makeover at Uber, which set out to change its image in 2017 after its hard-charging style led to scandals and a strained relationship with drivers.
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