Peloton co-founder and ex-CEO John Foley has sold about $50 million in stock to an investment firm backed by Michael Dell, MSD Partners.
The shakeup happened as Peloton faced slowing momentum for its connected fitness equipment and mounting expenses, due to a series of missteps and poor investments during the Covid pandemic.
McCarthy sits on the board of a blank-check company also backed by Dell's family office, which manages more than $20 billion on behalf of the founder of Dell Technologies and other investors. Representatives from Peloton and MSD partners didn't immediately respond to CNBC's request for comment.
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