Peloton co-founder and Chief Product Officer, Tom Cortese, is stepping down from the company and will be replaced by Nick Caldwell, a veteran from Silicon Valley. Cortese, who has been with Peloton since its inception in 2012, will transition into an advisory role starting November 1st. In a statement, Cortese expressed his eagerness to support Peloton’s growth while creating space for new perspectives. Caldwell, who has experience at companies such as Twitter, Google, and Microsoft, will take on the role of overseeing global product development.
Peloton has experienced significant changes in its executive lineup since CEO Barry McCarthy took over last year. Cortese’s departure leaves only two original executives from the company’s early days remaining in top positions. Despite these leadership changes, Cortese emphasized the impact of his contributions to Peloton’s success. McCarthy praised Cortese’s dedication and welcomed Caldwell’s expertise in engineering, design, and product development as the company focuses on expanding its subscriber base.
The news of Cortese leaving comes at a crucial time for Peloton as it faces challenges related to product recalls and legal complications. The company has shifted its focus towards subscription revenue and recently underwent a brand overhaul. While Peloton still emphasizes hardware development, new product releases have slowed down. However, Cortese hinted at future hardware plans, suggesting that the company’s strong hardware development team remains active.