Two Peloton founders leave amid big shakeup
STORY: Peloton’s big shakeup just took another turn.
Two of the company’s co-founders are now stepping down from executive roles.
John Foley was replaced earlier this year as chief executive, and will now vacate the executive chair role.
Hisao Kushi departs from the chief legal officer position.
The moves come as the exercise bike maker undergoes massive changes to trim losses and win back investor confidence.
Over its most recent quarter, the firm posted a net loss of $1.24 billion.
Sales of its gear have stumbled, while subscriptions have stagnated.
Both had soared during the period of health-crisis lockdowns.
Peloton is now taking an array of steps, including job cuts and price hikes.
It’s also listing its products on Amazon to help boost sales.
Peloton shares rose around half a percent in U.S. after-hours trade on Monday (September 12) evening.
They’re down almost 70% so far this year.
