Peloton co-founders resign amid company shakeup

As exercise demands shifted away from the gym amid pandemic-related shutdowns, Peloton reached heights experienced by very few tech firms. This made the collapse of Earth’s connected fitness company all the more disturbing. In February co-founder John Foley retired as CEO amid 2,800 layoffs.

Spotify CFO Barry McCarthy has stepped into the leadership role before appointing a number of new members to the executive team in a bid to stem the bleeding, tighten the company’s belt and perhaps boost its share price in the process.

today, Peloton announced that Foley — who remained in the position of executive chair — has left the company entirely, along with fellow founder and chief legal officer Hisao Kushi. Foley’s resignation is effective today, while Kushi’s is scheduled for October 3.

In addition to the other recent C-level hires, Tammy Albaran will become both Chief Legal Officer and Corporate Secretary at the closing date. She most recently served as Uber’s Senior Deputy General Counsel and Deputy 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 given the world 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 on the Nasdaq MarketSite, Thursday, Sept. 26, 2019, in New York. (AP Photo/Mark Lenihan)

Foley’s statement on the matter predictably reflects the good times, citing that he remains a loyal customer:

Reflecting on the journey Peloton has been on since we founded it, I am so proud of what we have built together. From day one, the incredible talent we have on our team and the dedication, hard work and creativity of every Peloton employee is what got 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 did this.

Now it’s time to start a new professional chapter. I have a passion for building companies and building great teams, and I’m excited to do that again in a new space. I’m leaving the company in good hands: The management team, with the support of the Board, will take Peloton to the next level as a company, and I’m happy to know that our members will continue to be surprised, delighted, engaged, and excited by all that’s on offer (I’m looking at you , rower!).

Goodbyes are never easy, but I don’t see this as goodbye. I will always be a member of Peloton and a passionate advocate for our mission. So until we meet again, stay healthy and strong. And we’ll see you in the rankings.

The move follows recent news that Peloton has begun outsourcing the production of its bikes and treadmills after abandoning plans for a massive manufacturing facility. Late last month, it began selling products on Amazon, a big change for a company that had previously been entirely focused on selling through primary channels.

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