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Peloton CEO John Foley denies a production halt on bikes and treadmills in memo to entire company

Added 01-20-22 09:14:02pm EST - “Peloton CEO and founder John Foley sent an email to all staff denying ?" contrary to press reports ?" that it was pausing production on new equipment.” - Businessinsider.com


Posted By TheNewsCommenter: From Businessinsider.com: “Peloton CEO John Foley denies a production halt on bikes and treadmills in memo to entire company”. Below is an excerpt from the article.

In a letter sent to all Peloton employees and posted on their corporate site, CEO and founder John Foley addressed recent leaks to organizations like Insider and CNBC. He denied that Peloton planned to pause production of new bikes and treadmills, writing it was instead "right-sizing our production." He also addressed layoffs, saying "we now need to evaluate our organization structure and size of our team, with the utmost care and compassion."You can read the full letter below:

Team, We have always done our best to share news with you all first, before sharing with the public. This week, we've experienced leaks containing confidential information that have led to a flurry of speculative articles in the press. The information the media has obtained is incomplete, out of context, and not reflective of Peloton's strategy. It has saddened me to know you read these things without the clarity and context that you deserve.

Before I go on, I want all of you to know that we have identified a leaker, and we are moving forward with the appropriate legal action.

As a public company that is in a pre-earnings "Quiet Period" we are limited in what information we can share. However, we issued a pre-earnings press release earlier this evening about our preliminary Q2 results, in order to offer an initial and more accurate picture of our business performance.

As you have heard me and other leaders say over the past few months, we are continuing to invest in our growth, but we also need to review our cost structure to ensure we set ourselves up for continued success, while never losing sight of the important role we play in helping our 6.2+ million Members lead healthier, happier lives.


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