The ailing sporting goods specialist Peloton is continuing to restructure its management team – the co-founder and long-time director John Foley is also leaving the company. Foley resigned in February after 10 years as CEO, but initially stayed with Peloton as executive chairman of the board. On Monday he also resigned from this office, as the company announced after the US stock exchange closed in New York. However, as a major shareholder, Foley is likely to retain significant influence.
Legal director Hisao Kushi, another co-founder of the company that started in 2012, also resigns. Peloton appointed Tammy Albarrán, who comes from ride-sharing service Uber, to succeed him. Karen Boone, who has been an independent director on the board, is to head the board of directors in the future. After a boom ended early in the pandemic when many gyms closed, Peloton is struggling. CEO Barry McCarthy, who took over from Foley in February, is to lead the company out of the crisis.