The exercise bike maker's co-founder, John Foley, will step down as CEO and will become the executive chair, the company said.
The investment firm called for his removal and even urged the company to sell itself, blaming the stock's underperformance to"gross mismanagement", Foley's poor decision making and lack of credibility. Shares of the company were down 9% in premarket trading on Wall Street today. They had gained about 21% yesterday following reports of the buyout interest.
This is your headline when 2,800 people have just lost their job? CEO is one of them and steered the ship disastrously, I’m surprised.
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