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Peloton is currently going through a major management shakeup and announced the departure of its co-founders, John Foley and Hisao Kushi. The former is also serving as the company's chairman.
Peloton's broad executive reshuffle was revealed on Monday, Sept. 12. In addition to the co-founders, Kevin Cornils, the commercial chief officer, is also leaving.
As per CNBC, the three executives were said to have submitted resignation letters and these were accepted by the company. Foley will step down as the executive chairman while Kushi is vacating his chief legal officer position. Their resignation is effective on Sept. 12 and Oct. 3, respectively.
Their departure comes as Peloton tries its best to recover from a slump due to various factors, including the COVID-19 pandemic. This will also mark the end of an era for the firm as chief executive officer, Barry McCarthy, continuously works on reshaping the business.
Foley has been serving the company as its CEO for almost 10 years but stepped down in February, along with massive layoffs. McCarthy succeeded him and remained in the role up to this day.
Under McCarthy's leadership, a lot of changes took place, and this includes the launch of Peloton's rental options for Bikes and certification of pre-owned Bikes for resale and selling of other items on Amazon's e-commerce site. He is also pushing for the expansion of the brand's digital subscriber reach.
The CEO reiterated his firm commitment to revamp the company during a conversation at the Goldman Sachs Communacopia and Technology conference that was held early this week. He also shared that Peloton will start selling its items in brick-and-mortar stores, and they will reveal the locations soon.
"I would like to offer my gratitude to John and Hisao for their shared vision, dedication, and passion for Peloton," Peloton's chief McCarthy said in a press release. "Through their hard work, they have given the world the connected fitness industry and created a platform that empowers each of us to be the best version of ourselves. We are indebted to them for their countless contributions."
