The troubled exercise business Peloton announced on Monday that co-founders John Foley and Hisao Kushi are leaving the organization.
A month ago, Peloton said it was shutting locations and laying off almost 800 employees in an effort to reduce expenses and strengthen its financial position.
According to a statement from Peloton, Kushi will step down as chief legal officer on October 3 and Foley, the company’s previous CEO, will quit his position as executive chairman of the board on Monday. In response to the company’s faltering growth, Foley resigned from his position as CEO in February.
Early in the epidemic, Peloton saw a rise in sales as people resorted to at-home workout equipment while the economy was shut down and gyms were closed. But once companies reopened and individuals felt secure enough to visit the gym again, demand decreased.
Approximately the last year, shares of Peloton have decreased by over 90%.
This story is developing, and updates will be made.