Struggling Peloton Interactive said Monday that co-founder John Foley will move from his role as executive chairman of the fitness equipment maker to “start a new professional chapter” effective immediately.
Foley, who co-founded Peloton with four others in 2012, will be replaced by Karen Boone, who was elected to the company’s board in 2019.
“It is time for me to start a new professional chapter. I have a passion for building companies and building great teams, and I’m excited to do it again in a new location,” Foley said Monday.
Shares of Peloton were up 2.3% to $11.30 in after-hours trading.
Foley was replaced as the company’s chief executive officer earlier this year by Barry McCarthy, a former Spotify technology and Netflix executive.
Peloton said on Monday that another co-founder Hisao Kushi would also step down from his role as chief legal officer effective October 3.
Kushi, who has forged novel music licensing deals, will be replaced by Tammy Albarn, a former Uber Technologies executive.
Peloton has reported operating losses every year since its inception and, in its most recent quarter, reported a net loss of $1.24 billion as demand for its bicycles and treadmills fell and subscription numbers stagnated. Both had escalated early in the COVID-19 pandemic.