The executive departures come one month after Peloton said it was cutting almost 800 jobs and closing stores as it sought to trim costs and improve its financial situation.
Peloton, the beleaguered fitness company, on Monday said co-founders John Foley and Hisao Kushi are stepping down from the company.and closing stores as it sought to trim costs and improve its financial situation. , Peloton said Foley, the former CEO of Peloton, resigned from his current role as executive chairman of the board effective Monday, while Kushi will leave his role of chief legal officer effective October 3.
Peloton's business had surged early in the pandemic as consumers turned to at-home exercise equipment while economy was in lock-down and gyms were shuttered. But demand slowed as businesses reopened and people felt comfortable returning to the gym. But the company has also zig-zagged on its pricing, introducing a second set of price cuts in April due to slowing demand, only to reverse that in August by increasing prices on its Bike+ and Tread products.
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