I guess there is only so much damage a CEO can do to a company before there literally is no other choice but to give him his walking papers.
Say this about former Peloton CEO John Foley; he will not have to worry about finding the time to appear on business panels featuring successful CEOs. It’s doubtful there’s a business book of his wisdom waiting to be written that would excite publishers.
After driving the Peloton stock into the ground, with the value having lost 80% in the last 12 months, he is stepping down and will be replaced by Barry McCarthy, who does not have what you would call “large shoes to fill.”
Thousands of employees who weren’t fans of Foley won’t have much time to celebrate the move because 2,800 workers are getting let go. The peppy, highly caffeinated instructors riding their bikes and pumping up the weekend warriors working out in their bedroom or den are all safe from the terminations. They get to keep their jobs.
The sharks smell blood in the water, and reports say that up to five companies are interested in taking over Peloton, who had their 15-minutes of fame during the pandemic when there was no other place to work out but at home when governments locked the country down.
There have also been PR disasters under Foley’s watch, most notably the debacle of Mr. Big’s character of “And Just Like That” literally dying after doing a workout on a Peloton.
No need to launch a GoFundMe account for Foley. He made tens of millions selling his stock before the price crashed.