Peloton co-founder steps down as CEO after a rough ride
2 years, 11 months ago

Peloton co-founder steps down as CEO after a rough ride

LA Times  

Peloton CEO John Foley celebrates at the Nasdaq MarketSite before the opening bell and his company’s IPO in September 2019. 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. Blackwells sent a presentation to Peloton on Monday outlining “the mismanagement of the company by John Foley, the poor governance and board composition and the rationale for immediately commencing a sale process.” In addition to the leadership shakeup, Peloton also announced Tuesday that it was cutting 2,800 jobs globally, including about 20% of corporate jobs at the New York-based company. “We believe Foley leaving makes it more likely that Peloton ultimately sells the company and the board clearly has major decisions to make in the days/weeks/months ahead,” Wedbush analysts Daniel Ives and John Katsingris wrote.

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History of this topic

Peloton cuts staff and CEO quits as smart bike company continues to try and turn around
8 months, 1 week ago

Peloton cuts staff and CEO quits as smart bike company continues to try and turn around

The Independent  

Sign up to our free weekly IndyTech newsletter delivered straight to your inbox Sign up to our free IndyTech newsletter Sign up to our free IndyTech newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Peloton’s chief executive will stand down, and the company will cut 15 per …

Peloton cutting about 400 jobs worldwide; CEO McCarthy stepping down
8 months, 1 week ago

Peloton cutting about 400 jobs worldwide; CEO McCarthy stepping down

Associated Press  

Peloton is cutting about 400 jobs worldwide as part of a restructuring effort and its CEO Barry McCarthy is stepping down after two years as the company continues to work on turning around its business. Peloton reported Thursday that for the third quarter it lost $167.3 million, or 45 cents per share, While that’s better than the loss of $275.9 …

Is Peloton going out of business? It's market cap is now just 3% of lockdown peak after bosses today admit it still can't make a profit and shares hit lowest ever level - what does it mean for owners
11 months, 1 week ago

Is Peloton going out of business? It's market cap is now just 3% of lockdown peak after bosses today admit it still can't make a profit and shares hit lowest ever level - what does it mean for owners

Daily Mail  

Millions of Americans bought $1,500 Peloton fitness bikes in lockdown - and the company could not make them fast enough. But this morninng shares slumped 22 percent to $4.22, making the firm once tipped to kill off gyms and rule the world of fitness worth just $1.5 billion. Peloton has millions of fans, who tune in to classes from instructors …

Peloton shares hit all-time low after connected fitness company posts another loss, lowers guidance
11 months, 1 week ago

Peloton shares hit all-time low after connected fitness company posts another loss, lowers guidance

Associated Press  

Peloton sank to its lowest price on record Thursday after it reported another loss and gave investors a lukewarm forecast as the connected exercise company continues to struggle following its pandemic hot streak. Peloton enjoyed incredible sales growth during the height of the coronavirus pandemic and its share price multiplied by more than five times in 2020 amid lockdowns. Early …

Peloton the rebrand: High end exercise bike maker says it's now for a health company for all
1 year, 7 months ago

Peloton the rebrand: High end exercise bike maker says it's now for a health company for all

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Peloton is undergoing a significant …

Wild week for Peloton shares as earlier gains erased
2 years, 4 months ago

Wild week for Peloton shares as earlier gains erased

Associated Press  

NEW YORK — Peloton shares are on a wild ride this week, running up 20% Wednesday on a new partnership with Amazon only to erase those gains at the opening bell Thursday after quarterly losses for the connected exercise equipment maker topped $1.2 billion. Peloton Interactive Inc. is a company in transition, attempting to achieve reliable free cash flow growth …

Peloton cuts jobs, raises prices in bid for profitability
2 years, 4 months ago

Peloton cuts jobs, raises prices in bid for profitability

Associated Press  

NEW YORK — Peloton is laying off employees and raising prices for some of its equipment as part of its latest bid to make the business profitable and free up cash. In addition to cutting 784 jobs, Peloton will close its North America distribution network and shift its delivery work to third-party providers. Its shares surged more than 400% in …

Peloton to stop making its own bikes, treadmills
2 years, 5 months ago

Peloton to stop making its own bikes, treadmills

Associated Press  

Peloton will stop making its own interactive stationary bikes and treadmills, outsourcing those duties to a Taiwanese manufacturer as it attempts to revive sales that surged during the pandemic. The New York City company, which recorded its only profitable quarters during the pandemic, is seeking to lower costs after sales slid when gyms began to reopen and cheaper knockoffs entered …

Not working out: Peloton plunges after cutting outlook
2 years, 8 months ago

Not working out: Peloton plunges after cutting outlook

Al Jazeera  

Peloton thrived in the early days of the pandemic, when locked-down consumers rushed to buy its bikes and treadmills. He was replaced by former Spotify Technology SA and Netflix Inc. Chief Financial Officer Barry McCarthy, who vowed to cut costs and generate more of Peloton’s revenue from subscriptions. In a letter to shareholders, McCarthy said his goal is to get …

What Would It Take for Peloton to Keep Being Peloton?
2 years, 10 months ago

What Would It Take for Peloton to Keep Being Peloton?

Wired  

Earlier this week, on the day of its fiscal second-quarter earnings, Peloton CEO and cofounder John Foley announced he was stepping down. Even before the onset of the p-word, Peloton had become the coveted c-word: Many software service providers boast about their online “communities,” but Peloton had achieved full-on cult status. This week Peloton announced a “restructuring program”, reduced its …

Peloton co-founder steps down after rough ride
2 years, 11 months ago

Peloton co-founder steps down after rough ride

Associated Press  

Peloton is replacing its CEO, cutting jobs and reining in ambitious expansion plans after badly misjudging the staying power of the exercise-at-home trend that propelled its sales early in the pandemic. Peloton’s shares surged about 25% Tuesday, despite the company reducing its annual outlook for sales and subscriptions and reporting a big loss for its fiscal second quarter. Company shares …

Peloton ditches boss as troubled exercise bike maker axes 2,800 jobs
2 years, 11 months ago

Peloton ditches boss as troubled exercise bike maker axes 2,800 jobs

Daily Mail  

Troubled exercise bike and treadmill maker Peloton has shunted its chief executive into a different job and axed thousands of staff as it seeks to revive its fortunes. Co-founder John Foley, 51, who led it for nearly a decade, has been replaced by Barry McCarthy, ex-finance boss of Netflix and Spotify, but will remain executive chairman. On your bike: Peloton …

Peloton CEO John Foley Steps Down, Company Cuts Nearly 3,000 Jobs
2 years, 11 months ago

Peloton CEO John Foley Steps Down, Company Cuts Nearly 3,000 Jobs

Huff Post  

LOADING ERROR LOADING 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. 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, …

Peloton soars on reports that Amazon and Nike are considering bids
2 years, 11 months ago

Peloton soars on reports that Amazon and Nike are considering bids

Daily Mail  

Shares in Peloton bounced back on reports that Amazon and Nike are considering bids for the exercise bike maker. The stock – which soared during lockdown as working from home took off but has since collapsed – gained around 18 per cent in New York. Bid rumours: Peloton stock - which soared during lockdown as working from home took off …

Peloton's 12 months of disasters
2 years, 11 months ago

Peloton's 12 months of disasters

Daily Mail  

March 2021: Peloton warns parents to keep children away from its Tread+ treadmills after a six year old child is killed after being pulled underneath one of them May 2021: Peloton recalls the running machines after reports of at least 72 other injuries emerge. That saw Peloton's market cap tumble by $8 billion, and John Foley lose his billionaire status …

Shareholder wants Peloton to consider selling the company
2 years, 11 months ago

Shareholder wants Peloton to consider selling the company

Associated Press  

Activist investor Blackwells Capital is asking Peloton to remove CEO John Foley and consider selling the company just a few days after a media report said the exercise and treadmill company was temporarily halting production of its connected fitness products amid waning consumer demand. In a letter to the board of Peloton Interactive Inc., Blackwells Chief Investment Officer Jason Aintabi …

Report: Peloton pauses production on bikes, treadmills
2 years, 11 months ago

Report: Peloton pauses production on bikes, treadmills

Associated Press  

NEW YORK — Peloton’s shares tumbled on Thursday after a media report said the exercise and treadmill company was temporarily halting production of its connected fitness products amid waning consumer demand. Peloton Interactive Inc. plans to pause production of its main stationary bikes for two months, from February to March, according to CNBC, citing internal documents. In a statement released …

Peloton bosses sold more than £360m worth of stock before price plunge
2 years, 11 months ago

Peloton bosses sold more than £360m worth of stock before price plunge

Daily Mail  

Bosses at exercise bike maker Peloton sold stock worth more than £360million before the share price crashed last year. Chief executive John Foley and other executives offloaded millions of shares at prices over $100 before a profit warning triggered a plunge in November, US filings show. The fitness company, whose bikes start at £1,350, had already taken a hit in …

Peloton stock price drops by 11 per cent overnight after And Just Like That... premieres
3 years ago

Peloton stock price drops by 11 per cent overnight after And Just Like That... premieres

The Independent  

Sign up to our free Living Well email for advice on living a happier, healthier and longer life Live your life healthier and happier with our free weekly Living Well newsletter Live your life healthier and happier with our free weekly Living Well newsletter SIGN UP I would like to be emailed about offers, events and updates from The Independent. …

How a luxury fitness brand is suffering after gyms open
3 years, 2 months ago

How a luxury fitness brand is suffering after gyms open

Live Mint  

For luxury fitness brand Peloton, going mainstream is costing it dearly. The emergence from lockdowns is also clearly weighing on app use among existing Peloton subscribers as they resume their pre-pandemic office, travel and fitness routines. “Younger and less affluent consumers continue to represent our fastest growing demographic, yet among non-members, there remains a lingering perception that Peloton is a …

Peloton shares tumble as bearish report adds to ad woes
5 years ago

Peloton shares tumble as bearish report adds to ad woes

Associated Press  

NEW YORK — Shares of exercise bike company Peloton were under pressure Tuesday from a scathing research report that comes on the heels of blowback from its widely mocked ad. The shares took a hit last week after Peloton aired an ad in which a husband gifts one of its internet-connected stationary bikes to his wife for the holidays. In …

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