The reshuffling extends a year of upheaval at Peloton, which thrived early in the pandemic but is now suffering mounting losses
eloton Interactive Inc. Executive Chairman and co-founder John Foley is stepping down from the fitness company as part of a leadership shake-up, extending the turbulence at a business trying to pull out of a deep slump.
Peloton investors initially applauded the changes, sending the shares up as much as 5.3% to $11.64 in extended trading on Monday. But the rally soon evaporated, with the stock declining more than 2%. With Peloton’s longtime CEO now out of the picture, McCarthy may have a freer hand to make changes. The executive has said the company should prioritize its digital offering over hardware and is exploring allowing subscribers to beam content from their smartphones to non-Peloton fitness equipment.
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