The Latest Breaking News from John Foley

Sales of the bikes soared during Covid lockdowns but the firm's value has plummeted after the return to gyms

‘The Peloton monthly membership will be complimentary for impacted team members for an additional 12 months,’ outgoing CEO John Foley told employees

New York (AFP) - Slumping home-exercise company Peloton announced Tuesday a leadership shift and layoff plan as it scales back expansion plans due to weakening demand in the shifting pandemic.

Pelton CEO will step down after the group posted a $266.5 million second quarter loss and unveiled a major cost-cutting overhaul many see as a move to make the fitness equipment maker more attractive for a takeover.

Peloton Interactive Inc's (NASDAQ:PTON) co-founder John Foley is stepping down as CEO and will become executive chair, The Wall Street Journal reported. Barry McCarthy, the former chief financial officer of Spotify Technology SA (NYSE:SPOT) and Netflix Inc (NASDAQ:NFLX), will become CEO and president and join Peloton's board. Peloton also plans to cut 2,800 jobs to cope…

The exercise bike maker also plans to cut about 2,800 jobs, which represents about 20% of its corporate workforce.

The Wall Street Journal is reporting that CEO John Foley will step down from the company, potentially paving the way for a sale of the connected fitness equipment maker.

Stock futures edge higher, with earnings, inflation in focus; Peloton shares slide amid report CEO john Foley will step down; Meta shares extend slide as early investor Peter Thiel leaves board; Nvidia shares slip after dumping $40 billion Arm takeover from Softbank and Take-Two shares slide after Q3 revenue miss

Peloton Interactive Inc is drawing interest from potential suitors including Amazon.com Inc., according to people familiar with the matter, as the stationary-bike maker's stock slumps and an activist urges it to explore a sale.