Peloton co-founder steps down after rough ride

FILE - Peloton CEO John Foley celebrates at the Nasdaq MarketSite before the opening bell and his company's IPO, Sept. 26, 2019 in New York. Activist investor Blackwells Capital is asking Peloton to remove CEO John Foley and consider selling the company just a few days after a media report said the exercise and treadmill company was temporarily halting production of its connected fitness products amid waning consumer demand.

NEW YORK — The co-founder of Peloton is stepping down as the company’s chief executive after an extended streak of tumult at the exercise and treadmill company. Barry McCarthy, who served as CFO at Spotify as well as at Netflix, will take over the CEO position held by John Foley. McCarthy will also have a seat on the board.

Foley will become Peloton’s executive chair. William Lynch, who currently serves as president, will leave that role and become a non-executive director. The company also announced that it was cutting 2,800 jobs globally, including a 20% cut to at corporate offices.

On to the next American ponzi scheme...start company, take it public, pump up the stock price, sell a ton of your shares in a classic dump, resign...repeat cycle 😀

Genetic products. No surprise here.

Hmmm. Peloton is one of those corporations with transnational OrganizedCrime ties. This news may indicate some major justice-related global crime roll-up event is on the horizon. Cheers 🍻 to that, if true.

Upper executives get rich beyond belief then the real workers get thrown under the bicycle and bus and treadmill. peletonjunk ACLU CNN TrumpPrisonBot

I love onepeloton because it is a great product and is highly motivating. I feel horrible for all of those employees; being laid off is awful.

Buying the stock now ahead of the acquisition.

mhappydood 😮

Tough part of the business cycle.

Just goes to show you can take a treadmill w/a YouTube only so far.

Peloton -bike with iPad wow

The stupid commercials with this lady will live on though

I’m sure he made his billions during the pandemic!

Pandemic is over

He's run his race

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Peloton CEO Will Reportedly Step Down As Company Prepares To Overhaul Board And Cut CostsJohn Foley will reportedly step down as Peloton CEO and be replaced by former Spotify and Netflix CFO Barry McCarthy. Who would have thought there was a ceiling on people buying exercise bikes. Someone buy this company already
Source: Forbes - 🏆 394. / 53 Read more »

Peloton CEO John Foley to Step Down, Transition to Executive Chair as Company Cuts 2,800 Jobs, Says ReportThe news of CEO John Foley stepping down comes ahead of Peloton’s fiscal second-quarter results, which are set to come after the market closes on Tuesday. Moving the founder out paves the way for the acquisition... shameful attitude, a good CEO doesn't quit out, solves and makes it grow. Seems simple, everyone/anyone who was going to get an exercise machine, has already got one. Can't pull blood from a stone
Source: nbcchicago - 🏆 545. / 51 Read more »

Google co-founder Larry Page sold more than $80 million worth of stockThe sale came a couple of days after the stock soared on the back of a blowout earnings report and stock-split announcement. Ditch Big Tech, it’s overweight - little tech is gonna eat em alive. Interesting move given the titanic size of the impending stock split. However, a mere drop in the ocean of his holding. Walking around Spending money just to have in his pocket ha ha !!!
Source: MarketWatch - 🏆 3. / 97 Read more »