Peloton Shakeup

Peloton said co-founder John Foley and other senior leaders are leaving the company in a management shake-up as the maker of connected exercise equipment races to turn itself around.

Mr. Foley, who led the company for most of its 10-year existence, remained executive chairman after stepping down from the chief executive officer role in February. He resigned on Monday, the company said, and will be succeeded as board chair by Karen Boone, a former executive at Restoration Hardware and a Peloton board member since 2019.

Peloton said its chief legal officer, Hisao Kushi, and chief commercial officer, Kevin Cornils, are also leaving. The company said it hired Tammy Albarrán, a deputy general counsel from Uber Technologies Inc., to succeed Mr. Kushi starting in October. It won’t replace Mr. Cornils, who worked on overseas expansions and programs such as bike rentals.

The shake-up, announced by Chief Executive Barry McCarthy, comes weeks after Peloton reported a $1.2 billion quarterly loss and a nearly 30% drop in revenue. Mr. McCarthy warned investors in August that the business would likely spend more cash than it brings in for several more months.

Source: Financial Times