Peloton’s co-founder and former CEO John Foley has stepped down as chairman of the board, marking the latest major change at the subsidiary fitness company.through Wall Street Journal).
Things have been pretty turbulent for the peloton lately. Despite selling widely loved products and grades, the company to cut Occupations and set prices (both decreases and months later, increases) this year after overexpanding to meet increased demand in the early part of the pandemic. In its August 2022 Q4 earnings report, the company reported earnings for current CEO Barry McCarthy. “significant progress.”
Foley, who has been Peloton’s CEO for nearly 10 years, resigned from his position. in February, but will now be completely removed from the company. “Now it’s time for me to start a new professional division” Foley said in a press release:. “I have a passion for building companies and building great teams, and I’m excited to do this again in a new space.” Karen Boone, the board’s lead independent director, will become the board’s chairman.
Foley’s resignation isn’t the only executive departure announced by the Peloton on Monday. Hisao Kushi, chief legal officer and another Peloton co-founder, resigned and was replaced by Tammy Albarrán, Uber’s deputy chief legal officer. Chief commercial officer Kevin Cornils is also leaving.
Current CEO Barry McCarthy thanked the departing managers, writing a note to employees: “Today’s changes are a reflection of the personal decisions of leaders who paved the way for our future success, and we owe them our gratitude.” You can read McCarthy’s full note below.
set,
I’d like to update you on a few leadership changes at the company.
Changes include:
John Foley, Co-Founder and Chief Executive Officer, has decided to leave Peloton’s Board of Directors, and our chief independent director, Karen Boone, has been named Chairman of the Board (press release will be shared with you in a separate email).
Hisao Kushi, Chief Legal Officer who helped co-found the company, will leave, and Tammy Albarrán will be our new CLO. Tammy is joining us from Uber.
Chief Commercial Officer Kevin Cornils will leave and we will not fill his role. Dion Sanders will be added to the portfolio and will be our new Head of Emerging Business, taking over most of Kevin’s responsibilities.
Chief Content Officer Jen Cotter will oversee our apparel and accessories strategy and operations.
Dara Treseder, Senior Vice President of Marketing, Communications and Membership, will report directly to me.
Let me first say that without John Foley or Hisao Kushi (or co-founders Tom Cortese, Graham Stanton and Yony Feng), there would be no Peloton. They formed the mission and values that have guided us to this day. 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’ve all heard the stories of John’s never-ending quest for that vision. Founders become founders because they see what the rest of us don’t and they have the courage to go for it. A passionate and devoted community of nearly 7 million Peloton Members would not exist if it weren’t for John’s unwavering commitment to his dream. I want to thank John for paving the way.
The same must be said for Hisao, who guided Peloton’s intellectual property and legal strategy from day one. After deciding to step back and start the next chapter, Hisao partnered with me in the process of reviewing CLO candidates and recruiting his successor. I want to thank him for everything he has done and his help during this transition.
We’ll share today’s press release with you in the next email. Our external announcement commemorates our two founding partners and their contributions.
I would also like to thank Kevin Cornils, who joined Peloton as MD, International in 2018 and became Chief Commercial Officer in 2021. Kevin worked tirelessly to make Peloton the international brand it is today and has recently helped renew the company’s ambition. -market strategy and operationalizing new initiatives such as 3rd party retail and sales through our Peloton Rental offer. Kevin decided that the time was right to look for another opportunity that would require him to travel less (living on airplanes) and allow him to bring his energy to an early-stage business looking to scale once again.
Today’s changes are a reflection of the personal decisions of leaders who paved the way for our future success, and we owe them a debt of gratitude.
I am excited to work with Karen, Dion and Tammy in their new or expanded roles and with each of you as we return to the growth phase of our transformation.
From me to you. you to me. You each other. And all of us to our Members.
-Barry
