Peloton boss John Foley to step down amid takeover interest - report

The co-founder of exercise brand Peloton will step down from the leading the company as it plans to cut thousands of jobs, a report has said.

The Wall Street Journal reported that John Foley, chief executive of the firm for 10 years, will step down and be replaced by Barry McCarthy, the former chief financial officer of Spotify.

It also said about 2,800 jobs would be cut due to a drop in demand.

Amazon and Nike are rumoured to be interested in bidding for Peloton.

Last month, investment firm Blackwells Capital called for Peloton's boss Mr Foley to be removed from his post and the business to be put up for sale.

Peloton and its customer base are "extremely attractive" to companies like Nike, Apple, Disney and Sony, that are looking to boost their presence in the home, health and wellness spaces, Blackwells said in a letter to Peloton's board.

Mr Foley told the Wall Street Journal that the company was "open to exploring any opportunity that could create value for Peloton shareholders", but declined to comment further to the newspaper.

Peloton has seen soaring sales of its exercise bikes and treadmills during the pandemic, but the return to gyms post-lockdowns has left the firm worth less than a fifth of its peak $50bn valuation.