Peloton Shares Drop As Co-Founders Step Down From Roles At Embattled Connected Fitness Company

Peloton Interactive Inc PTON shares were trading lower in Monday's after-hours session after the company announced that co-founders John Foley and Hisao Kushi will step down from their roles at the connected fitness company.

Foley is currently executive chair of Peloton. He formerly held the chief executive role. His resignation is effective as of today. Kushi is the current chief legal officer of Peloton. His resignation will become effective on Oct. 3.

Peloton's board has appointed Karen Boone as the company's chairperson of the board. Tammy Albarrán will replace Kushi as chief legal officer and corporate secretary for Peloton.

"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.

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PTON Price Action: Peloton has a 52-week high of $40.35 and a 52-week low of $8.22.

The stock was down 2.26% in after hours at $10.80 at time of publication.

Photo: courtesy of Peloton.