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Peloton CEO Steps Down, Company Cuts Nearly 3,000 Jobs

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John Foley acknowledged that mistakes had been made at his company and that they invested too quickly.

The co-founder of Peloton is stepping down as chief executive after an extended streak of tumult at the exercise and treadmill company, which is also cutting almost 3,000 jobs.

Blackwells sent a presentation to Peloton yesterday outlining “the mismanagement of the company by John Foley, the poor governance and board composition and the rationale for immediately commencing a sale process.”

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I guess he finally realized that customers had done the calculation: We can’t afford the Peleton bike and the $1.5 million house to put it in, like the commercials.

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

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 »