After losing the Peloton CEO job, John Foley lost all his money and had to sell almost everything.
John Foley, 54, is a former American businessman and executive born in 1971. He said losing his job as the CEO of Peloton deeply cost him
Highlights
- John Foley said he almost sold everything after losing his job as Peloton’s CEO.
- In 2023, he co-founded an online rug company named Ernesta.
- Foley banned the staff’s holiday party and organized his lavish party at New York City’s Plaza Hotel.
Foley co-founded Peloton Interactive Inc. in 2012, which underwent a massive boom when pandemic lockdowns closed gyms and its bikes appeared to those trying to work out at home.
However, the company overestimated demand as COVID-19 restrictions lifted, gyms reopened, and people started exercising outside their homes again.
In 2022, he stepped down from the fitness company as part of a leadership shake-up.
He sold a Manhattan townhouse and an East Hampton estate after stepping down.
Later, Foley and Hisao Kushi founded Ernesta in 2023, an online rug company that ships samples to customers. The company operates in New York, Texas, Florida, and Illinois.
John Foley Was Questioned If His Company, Peloton Interactive Inc. Have Banned Its Users Or Not
John Foley was invited to the The Clip Out podcast, where he was asked questions by host Crystal.
Earlier, John announced that his company, Peloton, had added Power Zone to the tablet. It was interesting to learn how power zones were added.
However, Power Zone fans bombarded Peloton and started harassing the company. The podcast’s host asked John Foley,
What was Peloton’s reaction? Did they delete those posts? Did they ban those users?
Crystal
From the brink of failure to forging a billion-dollar unicorn 🦄
— Alex Krieger (@alexderkrieger) April 17, 2023
Uncover the resilient strategy that enabled John Foley, Peloton's Founder, to triumph over 400 rejections from institutional investors.
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John Foley replied,
No. They listened. Maybe not at first. Lots of people like lots of different things. So I get why they don’t jump every time something gains a bit of traction. But eventually, they realized that, if that many people were asking the same question then maybe, just maybe, they should, at the very least, take a moment to listen to those people.
John Foley
Moreover, the Power Zone Pack also found themselves in a similar situation. Many people united around the issues and asked the same questions about how Power Zones got added to the tablet.
PZP didn’t choose to treat those people with the same dignity as how Peloton treated them.
Instead, they shouted them down, deleted their posts, and banned people with questions. Foley said,
That’s troubling from any group. Doubly so from a group that was recently granted official status. But it’s also frighteningly hypocritical in light of the fact that the Official Power Zone Pack wouldn’t exist if Peloton had treated them the way they’re treating their (now former) members.
John Foley
John Foley Banned Staff Holiday Parties And Held His Lavish Event
It was a rough festive season at Peloton in 2021, with bosses banning new hires and holiday parties while dealing with concerns over folding stock prices and the exercise bike company’s future.
After canceling their get-together party, Peloton’s employees were surprised to see John organize his invite-only lavish party at New York City’s Plaza Hotel.
John Foley, antiguo CEO y fundador de Peloton, ha declarado haber perdido toda su fortuna
— Gym Factory (@Gym_Factory) August 28, 2024
Leer más: https://t.co/iaAaZUdJBI#fitness #Gimnasios #JohnFoley #Peloton pic.twitter.com/iUpOoTMSHQ
The staff were left unsatisfied after photos of the event appeared in the media. One of the staff complained,
“All of the instructors and their plus-ones were invited to attend but companywide there was a moratorium on hiring and any holiday parties… Company morale is at an all time low.”
Later, John sent a company email telling them the party was a personal event.
Even though numerous Peloton instructors were invited, the event was not officially affiliated with Peloton in any capacity.
Additional Information
- Peloton’s former CEO, John Foley, was married to his wife Jill Foley, with whom he had one son, Quinn, and one daughter, Mae.
- Foley was once worth $1.9 billion but left the company with a net worth of $225 million.
- He has also served as president of Barnes & Noble, which sells books, NOOK ebooks, and magazines.
