Peloton treadmills recalled; CEO apologizes for fighting U.S. regulators

Peloton has agreed to recall all of its treadmills and apologized for having fought the federal government's request to do so after the equipment came under scrutiny in the death of a 6-year-old child.

The exercise services company and the U.S. Consumer Product Safety Commission (CPSC) on Wednesday jointly announced voluntary recalls of Peloton Tread+ and Tread treadmills, covering about 125,000 and 1,050 units, respectively, in the U.S.

Regarding the Tread+, the CPSC said it had received 72 reports of people, pets or objects "being pulled under the rear of the treadmill, including 29 reports of injuries to children such as second- and third-degree abrasions, broken bones, and lacerations."

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"Consumers who have purchased either treadmill should immediately stop using it and contact Peloton for a full refund or other qualified remedy," the company and agency said in their joint statement.

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Peloton said it had immediately stopped selling and distributing the Tread+ while it worked on a fix.

Pelton Tread+ and Tread defects

The company is working on a fix for the Tread, which was sold in limited quantities from November to March. The Tread defect involves a loose touchscreen that can become detached from the device and fall. No injuries have been reported In the U.S., though there have been six reports of the touchscreen falling off.

In April, the CPSC warned consumers with small children or pets to stop using the Tread+ after the fitness company reported a child's death linked to the product.

At the time, Peloton refused to issue a recall. But on Wednesday, the company reversed course and said it regretted its actions.

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"I want to be clear, Peloton made a mistake in our initial response to the Consumer Product Safety Commission’s request that we recall the Tread+," Peloton CEO John Foley said in a statement. "We should have engaged more productively with them from the outset. For that, I apologize.

"We believe strongly in the future of at-home connected fitness and are committed to work with the CPSC to set new industry safety standards for treadmills. We have a desire and a responsibility to be an industry leader in product safety.”

Safety commission acting chairman Robert S. Adler said the commission had voted this morning to accept a voluntary recall deal negotiated with Peloton.

"The agreement between CPSC and Peloton is the result of weeks of intense negotiation and effort, culminating in a cooperative agreement that I believe serves the best interests of Peloton and of consumers," Adler said.

The stock price of Peloton Interactive dropped 10% to $87.02 in late-morning trading Wednesday. Company shares have traded between $35.21 and $171.09 in the past year.  

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