The Wall Street Journal reported on Tuesday that Peloton co-founder and CEO John Foley will step down as part of a larger overhaul of the company that includes changes to its board and cost cuts, a move that comes just a day after the fitness company’s battered stock price surged 20 percent amid reports of a potential sale.
According to the Journal, Foley will step down and become executive chair, with former Spotify and Netflix CFO Barry McCarthy taking over as Peloton’s new CEO.
According to the Journal storey, the appointment of a new CEO likely means that Peloton is not considering a sale, despite claims of interest from bidders like as Amazon, Nike, and Apple, given its current stock price, which has dropped about 80% in the last year.
