Internet fitness platform Peloton is in turmoil, two co-founders leave

According to news in the morning of September 13, Beijing time, John Foley and Hisao Kushi, co-founders of the American Internet fitness platform Peloton Interactive, are reported to have stepped down.

At present, the company is already in trouble. To reduce losses, Peloton is reforming aggressively to win investor confidence again.

Peloton was valued at $52 billion at the beginning of 2021, but it has struggled to sustain high growth. At the beginning of this year, Foley stepped down from the CEO throne as activist investors forced the palace, but remained executive chairman. "it's time for me to start writing a new chapter in my career," Foley said in a statement. " Karen Boone, who joined the board of directors in 2019, will replace Foley as the new executive chairman.

By Friday's close, Peloton's shares had fallen 69.1% this year.

Foley founded Peloton in 2012 and replaced him as CEO by Barry Barry McCarthy, who previously worked as an executive at Spotify and Netflix.

In the most recent quarter, Peloton posted a net loss of $1.24 billion because of sluggish demand for bicycles and treadmills and little growth in subscribers. Peloton has suffered operating losses almost every year since its inception, and Peloton has taken a series of measures to reverse the situation, such as layoffs, price increases, and using Amazon to sell products to increase profits.