Saturday, May 21, 2022

Exploring John Foley Net Worth as he Steps Down as the CEO of Peloton

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American billionaire and business executive John Foley made the announcement on Tuesday, 8th Feb that he is stepping down from the post of CEO at Peloton Interactive, Inc.

He will be the executive chairman of the company which he co-founded along with his four other colleagues. His net worth is estimated to be $350 million as of Jan 2022.

Barry McCarthy, former CFO of Spotify and Netflix will now be the new CEO of Peloton.

Foley said the company will lay off approximately 2,800 employees across the globe to trim their workforce and bring changes at every level of the organization.

John Foley net worth and other details

John Foley released a statement saying, “Let me be clear about one thing: this team has built Peloton into what it is today. And this means YOU. Brick by brick, this team has developed the hardware, software, content, delivery, and retail experience that is helping improve the lives of millions of Members. This is rare and powerful.”

The company employs around 14,000 employees across all geographies. As per the latest quarterly result published by the company, Peleton posted a loss of $439 million. Last year has been very challenging for the company as the stock price crashed by more than 80% since January 2021.

The company has faced several headwinds in the last few months after experiencing huge growth during the Covid-19 pandemic. John termed that phase a whirlwind of a learning experience.

American exercise equipment and media company, Peloton Interactive, Inc was founded by John Foley in 2012 along with Tom Cortese. John pitched the idea that technology could make it possible for users who can work out in a high-end studio cycling class in their homes given the hectic work-life schedule of working men and women.

John raised $307,000 seed capital during the launch of his at-home exercise startup. He founded Peleton along with Graham Stanton, Hisao Kushi, Yong Feng, and Tom Cortese. The company stock price delivered superior returns to investors during the pandemic.

Prior to Peleton, Foley was working as president at American bookseller “Barnes and Noble”. He also worked at Mars Inc.

He made it to the list of Bloomberg Billionaires Index in the years 2020 and 2021 with an estimated net worth of $1.5 billion.

He completed his graduation from the Georgia Institute of Technology with a specialization in science and industrial engineering in 1994. He then enrolled himself in a Master’s program in business administration from Harvard Business School.

Last year in the month of March, he sold $11 million worth of Peloton Interactive Inc shares.

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