Peloton will replace its CEO John Foley, overhaul its board and cut hundreds of jobs as it looks to reverse a severe downturn in its business – and silence critics of its embattled chief’s leadersh…
Peloton will replace its CEO John Foley, overhaul its board and cut hundreds of jobs as it looks to reverse a severe downturn in its business – but an activist investor is already pushing back on the plan.over his leadership in recent months, will stay with Peloton as its executive chairman of the board. He co-founded Peloton and had served as CEO since its debut.
The leadership overhaul may not be enough to placate Foley’s skeptics, including activist investor firm Blackwells Capital, which hasBlackwells Capital argued Foley has effectively given himself a promotion rather than step aside to allow fresh leadership for the struggling company. “These leadership changes are the culmination of a succession planning process that the Board and John have worked on together over the last several months,” a Peloton spokesperson said.Getty Images for Spotifyfrom its peak in the early days of the COVID-19 pandemic. The cuts account for roughly 20% of Peloton’s corporate workforce, but will reportedly not impact the trainers that host its virtual workouts.
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