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Foley, who co-founded Peloton (NASDAQ:PTON) in 2012 with four others, will be replaced by Karen Boone, who was elected to the company’s board in 2019.
“Now it is time for me to start a new professional chapter. I have passion for building companies and creating great teams, and I am excited to do that again in a new space,” Foley said on Monday.
Peloton shares rose 2.3% to $11.30 in after hours trading.
Foley was replaced earlier this year as the company’s chief executive by Barry McCarthy, a former Spotify Technology SA (NYSE:SPOT) and Netflix Inc (NASDAQ:NFLX) executive.
Peloton added on Monday that another co-founder Hisao Kushi would also resign from his role as chief legal officer, effective Oct. 3.
Kushi, who crafted the novel music license deals, will be replaced by former Uber Technologies (NYSE:UBER) Inc executive Tammy Albarrán.
Peloton has incurred operating losses each year since its inception and in its most recent quarter, recorded a net loss of $1.24 billion as demand for its bicycles and treadmills tumbled and the number of subscriptions stagnated. Both had soared early in the COVID-19 pandemic.