Peloton co-founder steps down after rough ride
ABC News
The co-founder of Peloton is stepping down after an extended streak of tumult at the exercise and treadmill company
NEW YORK -- The co-founder of Peloton is stepping down as chief executive after an extended streak of tumult at the exercise and treadmill company, which is also cutting almost 3,000 jobs.
John Foley first pitched the idea of an interactive exercise bike in 2011, hoping to disrupt the industry. He will give up the CEO position and become executive chair at Peloton Interactive Inc.
Barry McCarthy, who served as CFO at Spotify as well as at Netflix, will take over the CEO position.
Peloton had been the subject in media reports this week of a potential takeover target by either Amazon and Nike. The developments Tuesday deflated hopes for such a deep-pocketed buyer and shares of Peloton slipped before the opening bell.
