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Peloton Legal Chief Kushi Earned $13.5 Million Before He Left

Oct. 27, 2022, 9:13 PM

The Peloton legal chief who left the company this month earned just shy of $13.5 million in fiscal 2022, according to a Securities and Exchange Commission filing.

Hisao Kushi’s pay included $12.7 million in stock option awards and a $750,000 salary, according to the proxy statement. He also received a $750,000 severance payment upon his separation Oct. 3, the proxy showed.

The company that sells stationary bicycles connected to an interactive platform soared during early stages of the pandemic. It later was hit hard as people returned to gyms, with the company’s stock price declining 78% this year.

Kushi and executive chairman co-founder John Foley left after Peloton in August said it would cut nearly 800 jobs, raise prices, close stores and conduct an overhaul of its business.

Foley received just over $16 million in fiscal 2022 total compensation, according to the proxy.

Kate Kushi, Hisao Kushi’s daughter, received a $106,939 salary and $30,050 in equity compensation in fiscal 2022 for her role as an associate product marketing manager, according to the proxy.

Bertrand “Lance” Lanciault III, former Peloton head of compliance and risk, also recently departed the company to join the parent company of social media site Snapchat. The SEC statement didn’t list how much he earned.

Peloton recruited Uber Technologies executive Tammy Albarrán to replace Kushi as chief legal officer and corporate secretary, according to a Peloton statement last month. She served most recently as Uber Technologies Inc.'s chief deputy general counsel, overseeing the company’s global legal teams.

Before moving to Uber, Albarrán was a securities litigation and investigations partner out of Covington & Burling’s San Francisco office.

To contact the reporter on this story: Sam Skolnik in Washington at sskolnik@bloomberglaw.com

To contact the editors responsible for this story: Chris Opfer at copfer@bloomberglaw.com; John Hughes at jhughes@bloombergindustry.com