Peloton’s co-founder, Tom Cortese, will be stepping down from his position as the company’s chief product officer on November 1, 2023.
Cortese’s departure, which comes after more than a decade of working for the company, follows several other co-founders and company executives who have left the company. Just a year ago, Peloton saw the departure of two of its other co-founders, CEO John Foley and Chief Legal Officer Hisao Kushi.
“After nearly 12 years of pouring myself into Peloton and serving our Members, I have decided it is time to move on and create space for new perspectives,” Cortese said. “I’m eager for new growth for Peloton and for me personally, but I’m also excited to support and watch this next phase of Peloton’s evolution. I could not be more proud of what we have accomplished, together.”
In place of Cortese, the company has appointed Nick Caldwell as its new chief product officer. Caldwell brings over 20 years of experience in various global leadership roles at firms such as Google, Reddit, and Microsoft.
The latest round of executive shuffle among the company’s top ranks comes a month after the company reported declining revenue again. The company’s latest quarterly results showed revenue was down 5% year over year (YoY) to $642.1 million, while net loss narrowed to $241.8 million from $1.25 billion. The company’s revenue was impacted by its bike seat recall, which resulted in higher-than-expected costs and customers’ requests for replacements.
Photo credit: Peloton