- Push-out Score determined
- After almost 10 years in the position
- Praise for Foley
- Barry McCarthy taking over
- Foley will remain as Executive Chair at Peloton
- Foley said 113 words
(exechange) — New York, February 8, 2022 — John Foley, chief executive of Peloton, leaves his position. As announced by Peloton Interactive Inc. in a news release on Tuesday, February 8, 2022, John Foley leaves his post as chief executive officer at the exercise equipment and media company, after almost 10 years in the role, effective February 9, 2022.
John Foley’s duties as CEO will be taken over by Barry McCarthy, a former Chief Financial Officer at Spotify Technology SA.
The fact that John Foley’s successor is brought in from outside suggests that the board may seek to stimulate change with fresh ideas and new initiatives.
In general, an outsider does not have the constraints of an insider when it comes to leading painful changes or making unpopular decisions.
John Foley’s move coincides with a management shake-up also involving the position of President.
“This leadership transition will best position Peloton for sustainable growth, profitability, and long-term success”
Peloton did not give an explicit reason for John Foley’s departure from the CEO post. Karen Boone, Lead Independent Director, said: “Today’s leadership changes are the culmination of a succession planning process that the Board and John have worked on together over the last several months. We all agree that Barry is uniquely suited to lead Peloton into its next chapter and that this leadership transition will best position Peloton for sustainable growth, profitability, and long-term success.”
Foley will remain as Executive Chair at Peloton
“Peloton Co-Founder John Foley will become Executive Chair,” Peloton said.
Share price decline since February 2021
The announcement follows a decline in Peloton Interactive Inc.’s share price of 80% since February 2021.
In the position of CEO since 2012
John Foley became CEO of the Company in 2012.
John Foley is one of the Company’s co-founders and has served as the Company’s Chief Executive Officer since June 2012 and Chairman of the Company’s board of directors since April 2015 when the Company converted from a limited liability company to a Delaware corporation.
Before the Company’s founding, Foley served as the President of eCommerce at Barnes & Noble, Inc., a retailer of content, digital media, and educational products, from August 2010 to June 2012.
From March 2005 to August 2010, Foley served as the co-founder and Chief Executive Officer of Pronto.com, a price comparison service platform and a subsidiary of IAC/InterActiveCorp, a media and internet company.
Foley holds a B.S. in Industrial Engineering from the Georgia Institute of Technology and an M.B.A. from Harvard Business School.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding John Foley’s move on a scale of 0 to 10.
exechange reached out to Peloton and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 7.2022 ($).