John Foley declared that he is venturing down as CEO. Spotify’s previous CFO Barry McCarthy will step into his role. Peloton which could be seen as a pandemic stock has been cooling off over the last year as bans are slowly lifting and life in society is coming back to some level of normality.
The firm is additionally eliminating 2,800 positions internationally, around 20% of its corporate labor force. Cuts will come at each level of the organization. It goes to show how far the company has fallen.
During the pandemic at its height, it was trading at $162.72 per share. As of this writing, its stock price is at $32.27 per share.
Despite the brave move by Mr. Foley to give up the seat, it was written in the stars. Investors were getting anxious over the company’s future and a fresh face at the helm with new ideas will probably steer the company in a new direction.
Blackwells Capital, an investment firm requests the board to terminate Foley and look to see if a buyer is out there for the company.
There have been rumors that large tech companies have been carefully circulating the brand to see if it was up for grabs. Foley came out with a statement addressing the matter, “We are open to exploring any opportunity that could create value for Peloton shareholders,”.
