Who is Peloton’s co-founder and former CEO John Foley?
JOHN Foley founded Peloton out of a need for fitting exercise into a busy work-life schedule.
The company skyrocketed throughout the pandemic, before facing a dramatic stock crash in November 2021.
Who is John Foley?
John Foley is the founder and former CEO of Peloton.
Before he started his business venture, he was formerly the e-commerce president at Barnes & Noble.
Foley also worked at Mars Inc. before founding Peloton and earned his bachelor's degree in science and industrial engineering from the Georgia Institute of Technology in 1994.
In 2001, he earned an MBA from Harvard Business School.
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What is John Foley's net worth?
Throughout 2020 and much of 2021, Foley was worth around $1.5billion and listed on the .
However, on November 4, 2021, Peloton announced a hiring freeze in light of decreased demand for its product, and the company saw shares plummet in response.
As of January 2022, Foley's net worth dropped from $850million in November 2021 to $350million, according to .
The largest trade he's ever made was selling 100,000 units of Peloton Interactive Inc stock on 15 March 2021 worth more than $11,067,000.
When was Peloton founded?
Peloton was founded in 2013 after Foley, a cycling enthusiast, raised $307,000 to get his in-home exercise startup off the ground.
He co-founded Peloton alongside Graham Stanton, Hisao Kushi, Yony Feng, and Tom Cortese.
Peloton now has more than 60,000 riders and the number continues to increase as the company grows.
Is John Foley married?
Foley is married to fellow self-described fitness addict Jill Foley and the two reside in New York City.
Peloton rose out of a need to make workouts convenient for busy people who want to stay fit.
Attending instructor-led fitness classes became difficult for the pair after they started their family.
Foley thought that fitness could be easier if people could have instructor-led fitness training streamed to their homes.
This led to Jill Foley running Peloton's apparel division.
The company sells branded exercise apparel in its 15 showrooms and online.
Has John Foley stepped down as CEO of Peloton?
John Foley has been replaced as CEO of Peloton by the former chief financial officer of Spotify and Netflix, Barry McCarthy.
Along with the change in leadership, Peloton Interactive Inc. is also laying off 2,800 employees after a drop in demand led the once-hot cycling company's stock price to fall.
“Barry is an incredible leader who has held senior executive roles at Spotify and Netflix and is a longtime advisor and board member at public and private technology companies,” said Foley in an .
“This appointment is the culmination of a months-long succession plan that I’ve been working on with our Board of Directors, and we are thrilled to have found in Barry the perfect leader for the next chapter of Peloton.
"I look forward to working with him and invite you to welcome him with open arms.”
The change came after Peloton's stocks plummeted, resulting in what McCarthy says is a need to implement a "succession plan."
Part of McCarthy's plan is to cut back on warehouses nationwide, ultimately saving the company more than $800million annually.
The also reported that McCarthy will be laying off about 2,800 employees, equating to a roughly 20% cutback in the workforce.
"This restructuring program is the result of diligent planning to address key areas of the business and realign our operations so that we can execute against our growth opportunity with efficiency and discipline," Peloton commented in a press release.
McCarthy claims the changes are a result of "missteps" the company made and its rapid growth set it behind financially.
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"I love Peloton," McCarthy said, adding "We own this.," referring to the company's alleged errors.
"I own this," he said. "And we're holding ourselves accountable."
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