Peloton removes CEO Foley, cuts sales outlook
The developments come after reports surfaced that as many as five companies were eyeing a potential takeover; Amazon, Nike, Apple, Disney and Sony.
The stock has lost over 80% of its value in the past 12-months as the cycling giant deals with a perfect storm of events that have become a public relations crisis. Most recently, in the "Sex and the City" reboot, the character of Mr. Big died while spinning on the bike. While the company used him to counter the negative scene in a television ad, multiple women came out against him for sexual harassment and the ad was pulled. In the series "Billions," one of the leading characters suffers a heart attack on the bike.
The company, which saw sales surge during the pandemic, experienced a slowdown in sales and demand. Reports surfaced that it was pausing production of both bikes and their treadmill. Last year, the company was linked to the death of a child forcing the Consumer Product Safety Commission to recall its Tread+ machines. CEO John Foley spoke out about the "unthinkable" death of a child who was tragically pulled under a Tread+ machine and reiterated the company had made a "mistake" in its communication strategy.
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