Peloton has appointed an interim Chief Executive Officer at Precor, the commercial fitness equipment company they officially acquired in April of 2021 for $420 million. Dustin Grosz, the former President and Chief Operating Officer at Core Health and Fitness, will serve as the interim CEO at Precor until a new CEO is hired.
In addition, Peloton announced that Betsy Webb will leave her role as Vice President of Peloton Commercial effective January 6, 2023. The position was in part responsible for overseeing the Precor subsidiary. This is the latest in a number of recent executive changes: John Foley (CEO & Founder), Hisao Kushi (CLO), Shobhana Ahluwalia (CIO), Dara Treseder (SVP & Global Head of Marketing), Shari Eaton (CPO), and Allen Klingsick (CAO) have also departed in recent months.
The Precor acquisition provided Peloton with U.S.-based manufacturing; however, earlier this summer Peloton announced that they would be outsourcing all manufacturing to third parties. In addition, we shared in October that Peloton was reportedly exploring a potential sale of Precor.
Club Industry reported this news, including a quote from Peloton Senior Vice President of Global Communications Ben Boyd. Boyd maintained that these maneuvers are not in preparation for a potential sale of Precor:
The move is not about positioning Precor for a sale, he said when asked about that possibility.
“The strategy was to run Precor for Precor,” Boyd said. “This was a first step to define what that means.”
The focus is on service and supporting the health club owners and operators who are Precor’s customers, so they can deliver the most powerful solutions for their members, he added.
You can read more about this latest development via Club Industry.
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