Peloton co-founder and Chief Product Officer Tom Cortese will be stepping down from his position and transitioning into an advisory role, announced the company on Tuesday. Cortese, who co-founded the connected fitness company in 2012, will be replaced by Nick Caldwell, a longtime Silicon Valley veteran. Caldwell brings engineering, design, and product experience to the role and will oversee global product development. CEO Barry McCarthy expressed gratitude for Cortese’s contributions and welcomed Caldwell to the team as Peloton focuses on growing its subscriber base online and on its connected fitness hardware.
The departure of Cortese leaves only two executives from the early days of Peloton in its C-suite. The company has undergone significant changes since McCarthy took over as CEO, including new hires such as Leslie Berland as marketing chief and Dalana Brand as chief people officer. Peloton, once focused on product sales, has shifted its revenue model towards subscription-based services. The company has faced challenges in recent years, with recalls of its products due to manufacturing flaws and legal battles resulting from safety issues. Despite these setbacks, Peloton is committed to its app and hardware offerings and aims to expand its subscriber base.
Overall, Tom Cortese’s departure as Peloton’s Chief Product Officer marks a significant change in the company’s leadership. With Nick Caldwell stepping in, Peloton aims to continue its growth and focus on increasing its subscriber base, emphasizing its subscription services alongside its hardware products. While Peloton has faced challenges and legal issues related to product recalls, the company remains dedicated to improving its offerings and expanding its reach in the fitness market.