Peloton co-founders John Foley and Hisao Kushi step down amid leadership changes

Published: Sep 11, 2022 Duration: 00:04:17 Category: News & Politics

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all right some breaking news now from peloton yahoo finances brian sauziano at the goldman sachs technology conference in san francisco with that sauce yeah thanks dave breaking news right now on peloton uh john foley the co-founder of peloton uh who was ousted i would say earlier this year and has been the executive chair of peloton he is out he is now officially leaving the company uh we're getting a new board appointee karen boone will be the new uh chairman of peloton she previously served as president cfo and chief administrative officer of restoration hardware also out hisau kushi the co-founder of peloton he is also out replacing him in the chief legal correspondent role would be tammy albarren that is she is from a deputy she was a deputy general counsel over at uber uber now a couple comments here now uh john foley was getting to comment on the press release says quote as i reflect on the journey pelton has been on since we founded it i am so proud of what we 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 or what got us to where we are today he's saying he is now uh wanting to start a new professional chapter now guys uh this is a very time released i uh here at the goldman sachs conference tech conference san francisco is new uh peloton seal barry mccarthy in fact i briefly caught up with him earlier on said hello very quickly he's been working the rooms uh what this essentially does i think is potentially put the sale of peloton back on the table now a source tells me that foley might unload his stake inside of peloton now keep in mind he did sell about 50 million dollars worth of shares early in the year to a fund operated by michael dell but essentially if foley does sell these shares as a source which suggests to me he will have no voting control over peloton and that opens the door for a company like peloton to be sold but again fascinating situation breaking news again john foley founder peloton out as executive chairman great job breaking down that big news from peloton brian sassy out there in san francisco thanks shauna let's talk more about this i love we both love peloton i like i like the hill climbs but it has been a downward climb for peloton over the last 12 months you saw the chart there they're down 90 in the last 12 months and we've heard so many different plans from peloton and barry mccarthy you're talking about outsourcing manufacturing self-assembly going over to amazon the partnership with the content the rowing machine comes out their last quarterly report showed a 1.2 billion dollar loss and we've seen a couple of those a lot of balls up in the air but nothing has changed the direction of the shares yeah it's going to be interesting you mentioned that one year drop off 90 this year alone off nearly 70 percent we certainly have heard about this change in vision from the new ceo barry mccarthy the turnaround plan he was out the last earnings report saying that this is going to take time this is a change that is certainly not going to happen overnight it is important to point out that latest quarter though is the sixth quarter in a row of reported losses and you and i have talked time and time again about the struggles with peloton the slowdown that we have seen in the connected fitness market and at least when you take a look at not only a peloton but other companies that are in this space it doesn't seem like that tie to shifting anytime soon right people are excited to get back to the gym people aren't buying pelotons clearly or at home fitness equipment like they were during the pandemic in 2020 and 2021 so it's no surprise that we have seen this company slow down and this in a very i guess intense cooling period over the last year and a half or so but the question is where it goes from here and that tidbit that sassy said that so that a deal a sell a sale might now potentially be back on the table from sources telling him that that's going to be interesting and you can't help but wonder if amazon could be that dance partner because it's largely viewed now as more of a content company than an actual manufacturer and actually builder of these bikes that partnership seems on the surface like it could work as they're partnering with some celebrities really focusing on the content it does it's going to be interesting to see

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