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Peloton Interactive (NASDAQ:PTON) announced that it has accepted the resignation of co-founder and former CEO John Foley from his position as executive chairman, effective immediately, on Monday. The departure was joined by the announcement of a planned exit of fellow co-founder and Chief Legal Officer Hisao Kushi effective October 3.

Kushi will be replaced by former Uber Chief Deputy Counsel Tammy Albarrán,while Karen Boone will assume the role of Board Chair.

“We are immensely grateful to John and Hisao for having the vision, ambition, and commitment to turn Peloton into the iconic consumer brand it is today,” Boone said on Monday evening. “Not only did they succeed in building a great company, they transformed an entire industry by leveraging fitness and technology. Their impact will resonate long after their departure.”

Foley indicated that he has “a passion for building companies and creating great teams” and plans to pursue those passions “in a new space” after departing the board.

Per Yahoo Finance, Foley may “sell his stake in the company after a cooling off period” in the wake of his exit. Foley and a small group of insiders currently control a majority of voting shares via the company’s share structure.

Shares slipped 2.09% in Monday’s after hours trading.

Read more on a recent investigation launched into safety of Peloton’s products.



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