John Foley (executive)

John Foley
Foley in 2018
Born1971 (age 53–54)
Houston, Texas, US
Alma materGeorgia Tech
Harvard Business School
Known forFounder of Peloton Interactive
SpouseJill Foley
Children2

John Foley (born 1971) is an American former billionaire and business executive who co-founded Peloton in 2012 and Ernesta in 2023.[1]

Biography

Foley was born in Houston, Texas, in 1971, and grew up in Key Largo, Florida.[2][3] He received the Bachelor of Science in Industrial Engineering from Georgia Tech and the Master of Business Administration from the Harvard Business School. During university, he paid for his tuition by working at a Skittles factory.[4][2][3]

Barnes & Noble

Before founding Peloton,[4] he served as a president of Barnes & Noble.[5]

Peloton

Main article: Peloton Interactive

Foley co-founded Peloton in 2012. The company went public in 2019, and he had a net worth of approximately $1.9 billion in 2021. As Peloton began to experience financial difficulties related to the COVID-19 pandemic, his net worth declined to approximately $225 million in November 2022.[6] He left the company that year as it underwent a restructuring.[7]

After leaving Peloton, Foley founded Ernesta, an online rug company that ships samples to customers.[8] It was cofounded with Hisao Kushi and Yony Feng, both of whom also cofounded Peloton.[9] The company launched in 2023, operating in New York, Texas, Florida and Illinois.[10]

Personal life

Foley lives in the West Village neighbourhood of Manhattan with his wife Jill and their two children, a son and a daughter.[2]

References

  1. ^ "Peloton Founder Hits Billionaire Status on Exercise Frenzy". Bloomberg. September 11, 2020 – via www.bloomberg.com.
  2. ^ a b c Darrah, Paige (2020-12-11). "How John Foley, Peloton Co-Founder, Spends His Sundays (Published 2020)". The New York Times. Retrieved 2023-08-21.
  3. ^ a b Cooper, Leah Faye (2023-10-25). "John Foley Sold You on a Peloton, Now He Wants to Sell You a Rug". Vanity Fair.
  4. ^ a b "John Foley". Forbes.
  5. ^ Rapier, Graham. "Peloton's surge in popularity tripled its founder's wealth, making him the latest billionaire minted amid the pandemic". Business Insider.
  6. ^ "Once a Billionaire, Peloton's John Foley Departs With 87% Wealth Lost". Bloomberg.com. 2022-09-13. Retrieved 2023-08-21.
  7. ^ "The former CEO of fitness bike maker Peloton will now be selling rugs". Fortune. Retrieved 2023-08-21.
  8. ^ Chang, Clio (14 November 2022). "Peloton Founder Is Going Big on Rugs". Curbed. Retrieved 15 November 2022.
  9. ^ "Peloton ex-CEO John Foley has a new company, and plenty to say about the fall of the old one". Fast Company.
  10. ^ "Peloton Founder John Foley's Next Act? Custom Rugs". Architectural Digest. 2023-05-16. Retrieved 2023-09-06.