Peloton names Uber veteran new CLO amid wider leadership shakeup
Tammy Albarrán steps in as co-founder and CLO Hisao Kushi resigns following turbulent period at the fitness company
Peloton has hired Uber’s chief deputy general counsel as its new top lawyer as part of a wider leadership shakeup after a tumultuous period at the company that saw its value tumble and the announcement of almost 3,000 job losses in February.
San Francisco-based Tammy Albarrán will step in as the US fitness company’s chief legal officer and corporate secretary early next month after four-and-a-half years at Uber, where she served initially as deputy general counsel. Before that she was a partner at Covington & Burling and specialises in internal investigations, anti-corruption matters, regulatory investigations and SEC and securities issues.
During her time at Covington Albarrán helped lead an investigation into employee misbehaviour at Uber and co-authored a report with fellow Covington partner and former US Attorney General Eric Holder that limited its notoriously freewheeling culture.
In her new role at Peloton, Albarrán will manage the legal, compliance and policy functions. She succeeds co-founder and CLO Hisao Kushi, whose resignation was announced on Monday alongside that of co-founder and executive chair John Foley.
Kushi has served as Peloton’s CLO since 2015 and according to the company played a ‘key role’ in its growth.
‘Kushi guided the execution of the company's M&A activities, crafted the music license deals which are the backbone of the Member experience and protected emerging IP that ultimately shapes today's connected fitness industry,’ the company said.
Foley had previously spent 10 years as Peloton’s CEO but stepped down in February after the company’s share price plummeted amid investor concern about its long-term growth prospects.
Foley acknowledged that he had made “missteps” by growing the business, which went public in late 2019 at $29 a share, too quickly during the first year of the pandemic when gym closures saw its share price soar more than 400%. Most of those gains were subsequently wiped out as the end of lockdowns saw people return to the gym and by January this year the company’s shares were hovering around their IPO price.
In February Peloton called in former Netflix and Spotify chief financial officer Barry McCarthy to take on the CEO role and overhaul the company’s finances. At the same time it announced a series of cost-cutting measures, including axing 2,800 jobs, which it expects will save it at least $800m annually.
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