Peloton cofounder John Foley gave up his job as CEO on Tuesday, but he and other insiders will still decide whether or not to sell., new board members and the firing of 2,800 employees — there’s one major thing that has remained exactly the same: John Foley is still in control.
He noted that there would be no changes when it came to the voting structure, a move that ensures that he and other insiders at the company continue to control its fate — and could continue to run it as a standalone operation. Peloton has been under pressure to put itself up for sale in recent weeks by activist investor Blackwells Capital, which seems to view the executive shakeup as little more than window dressing. “Peloton CEO John Foley naming himself Executive Chairman and hiring a new CEO does not address any of Peloton investors’ concerns,” Jason Aintabi, Blackwells’ chief investment officer, said in a statement.
The company generates the bulk of its revenue from the sale of bikes and treadmills, a physical product that requires significant investment in manufacturing and supply chain. It said on Tuesday that it was working to improve the economics of its hardware business, with plans to scrap a new manufacturing plant in Ohio. It will also begin outsourcing more of its warehouse and delivery operations, like tasking third parties with handling 60% of its deliveries, down from 40%.
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