Peloton co-founders John Foley and Hisao Kushi are stepping down from their positions, according to a company press release Monday. Foley will be replaced by Karen Boone as chairperson of the board effective immediately, and Kushi will be replaced by Tammy Albarrán as chief legal officer on Oct. 3.
"As I reflect on the journey Peloton has been on since we founded it, I am so proud of what we have built together. From day one, the incredible talent we've had on our team and the dedication, hard work, and creativity of every Peloton employee are what got us to where we are today,” Foley said in a statement. “We founded the company because we wanted to make fitness and wellness convenient, fun, and effective. Because of the work of thousands of people, we've done that.”
Foley co-founded Peloton in 2012, and became executive chair in February after Barry McCarthy took over his role as CEO.
The news follows Peloton’s Q4 earnings report last month, which showed its net loss widened to $1.2 billion and revenue fell to $678.7 million from $936.9 million in the year-ago period.