JOHN Foley founded Peloton out of a need for fitting exercise into a busy work-life schedule.
The company skyrocketed throughout the pandemic, before facing a dramatic stock crash in November 2021.
Who is John Foley?
John Foley is the founder and CEO of Peloton.
Before he started his business venture, he was formerly the e-commerce president at Barnes & Noble.
Foley also worked at Mars Inc. before founding Peloton and earned his bachelor's degree in science and industrial engineering from the Georgia Institute of Technology in 1994.
In 2001, he earned an MBA from Harvard Business School.
Most read in US News
INSIDE THE BUBBLE 
‘Sinister truth’ behind the 'perfect' suburb likened to the Truman Show
Skateboarder Josh Neuman dies aged 22 with 3 others in plane crash
Woman plummets 50ft to her death after drawbridge opened as she crossed
Son who 'killed 4 members of his own family' pictured in 'spoiled son' shirt
What is John Foley's net worth?
Throughout 2020 and much of 2021, Foley was worth around $1.5billion and listed on the Bloomberg Billionaires Index.
However, on November 4, 2021, Peloton announced a hiring freeze in light of decreased demand for its product, and the company saw shares plummet in response.
As of January 2022, Foley's net worth dropped from $850million in November 2021 to $350million, according to Business Insider.
The largest trade he's ever made was selling 100,000 units of Peloton Interactive Inc stock on 15 March 2021 worth more than $11,067,000.
When was Peloton founded?
Peloton was founded in 2013 after Foley, a cycling enthusiast, raised $307,000 to get his in-home exercise startup off the ground.
He co-founded Peloton alongside Graham Stanton, Hisao Kushi, Yony Feng, and Tom Cortese.
Peloton now has more than 60,000 riders and the number continues to increase as the company grows.
Is John Foley married?
John Foley is married to fellow self-described fitness addict Jill Foley and the two reside in New York City.
Peloton rose out of a need to make workouts convenient for busy people who want to stay fit.
Attending instructor-led fitness classes became difficult for the pair after they started their family.
Foley thought that fitness could be easier if people could have instructor-led fitness training streamed to their homes.
This led to Jill Foley running Peloton's apparel division.
The company sells branded exercise apparel in its 15 showrooms and online.
Has John Foley stepped down as CEO of Peloton?
John Foley has been replaced as CEO of Peloton by the former chief financial officer of Spotify and Netflix, Barry McCarthy.
The change came after Peloton's stocks plummeted, resulting in what McCarthy says is a need to implement a "succession plan."
Part of McCarthy's plan is to cut back on warehouses nationwide, ultimately saving the company more than $800million annually.
The Wall Street Journal also reported that McCarthy will be laying off about 2,800 employees which will equate to a roughly 20 percent cutback in the workforce.
"This restructuring program is the result of diligent planning to address key areas of the business and realign our operations so that we can execute against our growth opportunity with efficiency and discipline," Peloton commented in a press release.
McCarthy claims the changes are a result of "missteps" the company made and its rapid growth set it behind financially.
"I love Peloton," McCarthy said, adding "We own this.," referring to the company's alleged errors.
"I own this," he said. "And we're holding ourselves accountable."
We pay for your stories!
Do you have a story for The US Sun team?
Email us at [email protected] or call 212 416 4552.
Like us on Facebook at www.facebook.com/TheSunUS and follow us from our main Twitter account at @TheSunUS
Source: Read Full Article
