Peloton co-founders quit amid company shakeup

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As exercise demands drifted away from the gym amid pandemic-related closures, Peloton soared to heights seen by a select few tech companies. This made the crash of the connected fitness company on Earth all the more shocking. In February, co-founder John Foley stepped down as CEO amid a 2,800-person layoff.

Spotify chief financial officer Barry McCarthy stepped into the leadership role, before appointing a number of new members to the management team, in a bid to stem the bleeding, tighten the belt of the company and, perhaps, increase its share price in the process.

Today, Peloton announced that Foley – who remained as executive chairman – has resigned from the company altogether, alongside fellow founder and chief legal officer Hisao Kushi. Foley’s resignation is effective today, while Kushi’s is scheduled for Oct. 3.

Along with the rest of the recent C-level hires, Tammy Albarrán will become both Chief Legal Officer and Corporate Secretary on this latest date. She most recently served as Uber’s Chief Assistant General Counsel and Assistant Corporate Secretary.

“I would like to express my gratitude to John and Hisao for their shared vision, dedication and passion for Peloton,” McCarthy said in a prepared statement. “Through their hard work, they have empowered the world with the connected fitness industry and created a platform that empowers each of us to be the best version of ourselves. We are indebted to them for their countless contributions.

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Peloton CEO John Foley, third from right, celebrates his company’s IPO at the Nasdaq MarketSite, Thursday, Sept. 26, 2019, in New York City. (AP Photo/Mark Lennihan)

Foley’s statement on this, predictably, reflected the good times, in reference to him remaining a loyal customer:

As I reflect on the journey Peloton has come since we founded it, I am so proud of what we have built together. From day one, the incredible talent we have had in our team and the dedication, hard work and creativity of every Peloton employee is what has brought us to where we are today. We founded the company because we wanted to make fitness and wellness convenient, fun, and effective. Thanks to the work of thousands of people, we have succeeded.

Now is the time for me to start a new professional chapter. I have a passion for building businesses and creating great teams, and I’m excited to do it again in a new space. I leave the company in good hands: the management team, with the support of the Board of Directors, will take Peloton to the next level as a company, and I am happy to know that our members will continue to be surprised, delighted, engaged. , and excited about all that lies ahead (looking at you, rower!).

Goodbyes are never easy, but I don’t consider it a goodbye. I will always be a member of the Peloton and a passionate advocate for our mission. So until we meet again, stay safe and strong. And I’ll see you on the leaderboard.

The move follows recent news that Peloton has started to outsource production of its bikes and treadmills, after scrapping plans for a massive production facility. Late last month, it began selling products on Amazon, a major change for a company previously focused entirely on first-party channel sales.

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