Peloton's John Foley to step down from executive chair's role

(Reuters) - Peloton Interactive Inc said on Monday co-founder John Foley would step down from his role as the fitness equipment maker's executive chair "to start a new professional chapter", effective Sept. 12.

Foley, who co-founded Peloton in 2012 with four others, was replaced earlier this year as the company's chief executive by Barry McCarthy, a former Spotify Technology SA and Netflix Inc executive.

Peloton added that another co-founder Hisao Kushi would also resign from his role as chief legal officer, effective Oct. 3.

The company has incurred operating losses each year since its inception in 2012 and in its most recent quarter incurred 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.

(Reporting by Nathan Gomes and Kannaki Deka in Bengaluru; Editing by Shinjini Ganguli)