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The boss of a Peloton rival threw his hat in the ring to lead the struggling exercise bike maker after the company’s current chief stepped down Thursday.

Lou Lentine, who founded and heads privately held Echelon, claimed he could do a better job of rescuing Peloton than exiting CEO Barry McCarthy, a former Netflix and Spotify executive hired in 2022.

Peloton needs someone who knows the industry, Lentine told The Post. Im running the same company but smaller and we are doing the same things every day but better with fewer employees and less debt.

However, Lentine is not holding his breath that Peloton’s board will take his offer seriously. The rivals settled a years-long legal battle over patents in 2022. At the time, McCarthy turned down Lentine’s proposal to merge the two companies.

“There was a discussion in New York and he politely declined additional discussion,” Lentine told The Post.

Even if the Peloton board came calling this time, Lentine said he would not walk away from Echelon. Instead, the Chattanooga, Tenn. companys largest investor said he would make Echelon products available under the Peloton banner. 

Peloton did not immediately respond for comment about Lentine’s desire to lead the company or past discussions about a possible merger.

Peloton, which controls roughly 75% of the connected fitness industry, has been slow to recover from its pandemic heights — when locked-down fitness buffs were put on waiting lists for the company’s pricey stationary bikes.

McCarthy’s departure was announced along with the company saying it will slash 400 jobs as its once-soaring stock price continued to crater. Shares have plunged 46% this year, closing at $3.14 on Thursday — continuing a downhill trajectory after peaking at $167 in December 2020.

They are hurting the industry so badly with their constant negative news, Lentine griped.

McCarthy was tapped to replace Peloton founder John Foley, who made a number of high-profile blunders, including an ill-fated expansion plan during the pandemic.

The brash executive also alienated customers, investors and employees alike when the companys bikes were recalled for safety reasons and a toddler was killed and Foley claimed that accidents were the result of customers not following manufacturers guidelines. 

Peloton also has a history of attacking competitors, including SoulCycle,  iFIT and Lululemon, with Foley allegedly calling the strategy a winner-take-all approach, according to court filings.

Echelon had accused Peloton of violating antitrust laws with its pattern of squashing competitors.

Details of their 2022 settlement were not made public.

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Science

Crystalline Ice Discovered in Space: New Study Reveals Hidden Order in Cosmic Ice

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Crystalline Ice Discovered in Space: New Study Reveals Hidden Order in Cosmic Ice

Water ice coats many outer solar system bodies – from Jupiter’s icy moon Ganymede (above) to interstellar dust. On Earth, ice freezes into a neat crystal lattice, but in the deep cold of space it was assumed to form a completely amorphous (glassy) solid. A new study by University College London and Cambridge scientists challenges this picture. Their computer simulations and X-ray tests on cosmic “low-density” ice suggest it actually contains tiny crystalline grains. In some models roughly 20–25% of the ice was in crystal form, overturning the long-held view that space ice is entirely structureless.

Simulations reveal hidden nanocrystals

According to the paper, computer simulations of space ice showed it contains nanocrystals. In one approach, researchers cooled virtual water to –120 °C at different rates to form model “ice cubes.” Depending on the cooling speed, the simulated ice ranged from fully amorphous to partly ordered. Structures with roughly 16–19% of the molecules in tiny crystal clusters best matched published X-ray data for low-density ice. In another simulation, thousands of nanometer-sized ice grains were packed together and then the remaining water molecules were randomized. This produced ice about 25% crystalline, yet still reproduced the known diffraction pattern.

In laboratory experiments the team also made actual low-density amorphous ice by vapor deposition and gentle compression. When these samples were slowly warmed to crystallize, the resulting ice showed a “memory” of its formation method.

Implications for planets and origins of life

The findings give “a good idea of what the most common form of ice in the Universe looks like at an atomic level,” which is important for models of planet and galaxy formation. They also bear on theories of life’s origins. Partly crystalline ice has less internal space to trap organic molecules, potentially making it a less efficient vehicle for amino acids or other prebiotic compounds. However, Dr. Davies notes that pockets of fully amorphous ice still exist, so cosmic dust grains and cometary ices could continue to harbor organic ingredients in those disordered regions.

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Business

Chancellor Rachel Reeves considering ‘changes’ to ISAs – and says there’s too much focus on ‘risk’ in investing

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Chancellor Rachel Reeves considering 'changes' to ISAs - and says there's too much focus on 'risk' in investing

The chancellor has confirmed she is considering “changes” to ISAs – and said there has been too much focus on “risk” in members of the public investing.

In her second annual Mansion House speech to the financial sector, Rachel Reeves said she recognised “differing views” over the popular tax-free savings accounts, in which savers can currently put up to £20,000 a year.

She was reportedly considering reducing the threshold to as low as £4,000 a year, in a bid to encourage people to put money into stocks and shares instead and boost the economy.

However the chancellor has shelved any immediate planned changes after fierce backlash from building societies and consumer groups.

In her speech to key industry figures on Tuesday evening, Ms Reeves said: “I will continue to consider further changes to ISAs, engaging widely over the coming months and recognising that despite the differing views on the right approach, we are united in wanting better outcomes for both savers and for the UK economy.”

She added: “For too long, we have presented investment in too negative a light, quick to warn people of the risks, without giving proper weight to the benefits.”

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Rachel Reeves’s fiscal dilemma

Ms Reeves’s speech, the first major one since the welfare bill climbdown two weeks ago, appeared to encourage regulators to focus less on risks and more on the benefits of investing in things like the stock market and government bonds (loans issued by states to raise funds with an interest rate paid in return).

She welcomed action by the financial regulator to review risk warning rules and the campaign to promote retail investment, which the Financial Conduct Authority (FCA) is launching next year.

“Our tangled system of financial advice and guidance has meant that people cannot get the right support to make decisions for themselves”, Ms Reeves told the event in London.

Read more:
Should you get Lifetime ISA? Two key issues to consider
Building societies protest against proposed ISA reforms
Is there £15bn of wiggle room in Reeves’s fiscal rules?

Last year, Ms Reeves said post-financial crash regulation had “gone too far” and set a course for cutting red tape.

On Tuesday, she said she would announce a package of City changes, including a new competitive framework for a part of the insurance industry and a regulatory regime for asset management.

Please use Chrome browser for a more accessible video player

Reeves is ‘totally’ up for the job

In response to Ms Reeves’s address, shadow chancellor Sir Mel Stride said: “Rachel Reeves should have used her speech this evening to rule out massive tax rises on businesses and working people. The fact that she didn’t should send a shiver down the spine of taxpayers across the country.”

👉Listen to Politics at Sam and Anne’s on your podcast app👈  

The governor of the Bank of England, Andrew Bailey, also spoke at the Mansion House event and said Donald Trump’s taxes on US imports would slow the economy and trade imbalances should be addressed.

“Increasing tariffs creates the risk of fragmenting the world economy, and thereby reducing activity”, he said.

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Politics

Chancellor Rachel Reeves considering ‘changes’ to ISAs – and says there’s too much focus on ‘risk’ in investing

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Chancellor Rachel Reeves considering 'changes' to ISAs - and says there's too much focus on 'risk' in investing

The chancellor has confirmed she is considering “changes” to ISAs – and said there has been too much focus on “risk” in members of the public investing.

In her second annual Mansion House speech to the financial sector, Rachel Reeves said she recognised “differing views” over the popular tax-free savings accounts, in which savers can currently put up to £20,000 a year.

She was reportedly considering reducing the threshold to as low as £4,000 a year, in a bid to encourage people to put money into stocks and shares instead and boost the economy.

However the chancellor has shelved any immediate planned changes after fierce backlash from building societies and consumer groups.

In her speech to key industry figures on Tuesday evening, Ms Reeves said: “I will continue to consider further changes to ISAs, engaging widely over the coming months and recognising that despite the differing views on the right approach, we are united in wanting better outcomes for both savers and for the UK economy.”

She added: “For too long, we have presented investment in too negative a light, quick to warn people of the risks, without giving proper weight to the benefits.”

Please use Chrome browser for a more accessible video player

Rachel Reeves’s fiscal dilemma

Ms Reeves’s speech, the first major one since the welfare bill climbdown two weeks ago, appeared to encourage regulators to focus less on risks and more on the benefits of investing in things like the stock market and government bonds (loans issued by states to raise funds with an interest rate paid in return).

She welcomed action by the financial regulator to review risk warning rules and the campaign to promote retail investment, which the Financial Conduct Authority (FCA) is launching next year.

“Our tangled system of financial advice and guidance has meant that people cannot get the right support to make decisions for themselves”, Ms Reeves told the event in London.

Read more:
Should you get Lifetime ISA? Two key issues to consider
Building societies protest against proposed ISA reforms
Is there £15bn of wiggle room in Reeves’s fiscal rules?

Last year, Ms Reeves said post-financial crash regulation had “gone too far” and set a course for cutting red tape.

On Tuesday, she said she would announce a package of City changes, including a new competitive framework for a part of the insurance industry and a regulatory regime for asset management.

Please use Chrome browser for a more accessible video player

Reeves is ‘totally’ up for the job

In response to Ms Reeves’s address, shadow chancellor Sir Mel Stride said: “Rachel Reeves should have used her speech this evening to rule out massive tax rises on businesses and working people. The fact that she didn’t should send a shiver down the spine of taxpayers across the country.”

👉Listen to Politics at Sam and Anne’s on your podcast app👈  

The governor of the Bank of England, Andrew Bailey, also spoke at the Mansion House event and said Donald Trump’s taxes on US imports would slow the economy and trade imbalances should be addressed.

“Increasing tariffs creates the risk of fragmenting the world economy, and thereby reducing activity”, he said.

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