Peloton Interactive Inc co-founders John Foley and Hisao Kushi are stepping down from their executive roles, at a time the troubled exercise bike maker is undergoing massive changes to trim losses and win back investor confidence.
John Foley, co-founder and CEO of Peloton Interactive, attends the annual Allen and Co. Sun Valley Media Conference in Sun Valley, Idaho, U.S., July 7, 2022. REUTERS/Brendan McDermidco-founders John Foley and Hisao Kushi are stepping down from their executive roles, at a time the troubled exercise bike maker is undergoing massive changes to trim losses and win back investor confidence.
"It is time for me to start a new professional chapter," said Foley, who was replaced earlier this year as chief executive under pressure from an activist investor as the company struggled to maintain the breakneck growth that propelled its valuation to $52 billion in early 2021. Karen Boone, elected to the company's board in 2019, will replace Foley as the executive chair. Chief Legal Officer Kushi, who crafted the novel music license deals, will be succeeded by former Uber Technologies Inc