Peloton co-founder and Chief Product Officer, Tom Cortese, has announced his departure from the company. He will be replaced by Silicon Valley veteran Nick Caldwell, who will assume the role of overseeing global product development. Cortese, who helped establish Peloton in 2012, will move into an advisory position starting from November 1. In a statement, Cortese expressed his excitement for the company’s future growth and his pride in what they have accomplished thus far. Caldwell brings extensive engineering, design, and product experience to the role and will join Peloton at a crucial time as they focus on expanding their online subscriber base and connected fitness hardware.
Peloton CEO Barry McCarthy expressed his gratitude towards Cortese for his contributions to the company, highlighting that Peloton wouldn’t be where it is today without him. McCarthy also welcomed Caldwell to the team and emphasized the importance of his expertise in driving growth. The current CEO has made strategic hires since taking over, including Leslie Berland as the company’s marketing chief and Dalana Brand as its chief people officer. With Cortese’s departure, only two executives from Peloton’s early days will remain in the C-suite, emphasizing the company’s evolving leadership team.
Peloton’s products have faced scrutiny in recent years due to recalls and manufacturing flaws, leading to fines, legal battles, and a focus on subscription revenue. The company’s primary revenue driver has shifted towards subscriptions, prompting a brand overhaul earlier this year that emphasized their app alongside their hardware offerings. Despite these challenges, Peloton continues to navigate the market and aims to further expand its subscriber base under the leadership of Caldwell.
