is expanding a rental program for its Bike and Bike+ fitness equipment. Now, anyone in the contiguous United States (sorry, Alaska and Hawaii) can try one of the connected stationary bikes at home without shelling out at least $1,445. The company began testing the program in select markets earlier this year. It’s worth noting that rentals may not yet be available in some remote locations.
A it costs $89 per month, while Bike+ costs $119 per month. You’ll also need to pay a $150 setup fee. Both options include an All Access Membership, which features Peloton’s swath of live and on-demand fitness classes. You can return the equipment free of charge at any time. After 12 months, you will be able to purchase Bike or Bike+ at a reduced price ($895 and $1,595, respectively).
News of the rental program’s wider availability comes after news broke that two of Peloton’s co-founders would be leaving the company. What notes, John Foley is retiring as CEO. Karen Boone will take over as chair of the board. Chief Legal Officer Hisao Kushi, another co-founder, is leaving and will be replaced by Tammy Albarrán, deputy CEO of Uber.
Additionally, chief commercial officer Kevin Cornils, who joined Peloton in 2018, will be moving on later this month amid a broader organizational shakeup. Chief Strategy Officer Dion Sanders will take over many of Cornils’ duties in a new role as director of emerging businesses.
These executive changes are the latest developments in a turbulent year for Peloton, as CEO Barry McCarthy tries to resolve the company’s problems. Just as McCarthy took over from Foley earlier this year, Peloton. In July, Peloton laid off around 570 employees in Taiwan in the middle and last month, the company in the distribution and customer service departments. You will rely on third party companies for deliveries.
Whether McCarthy’s ambitious plan to stabilize the Peloton ship pays off remains to be seen. It is financially for the company to say the least. McCarty last month that, despite incurring a $1.2 billion operating loss last quarter, sees “significant progress fueling our comeback and Peloton’s long-term resilience.”
McCarthy said this week that Peloton would begin selling its products in some brick-and-mortar stores after announcing the closure of many of the company’s retail stores. Recently for the first time. McCarthy also pondered how to make it easier for people to access third-party content on Peloton screens, something that is already possible by jailbreaking the device.
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