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Peloton CEO steps down as company slashes 15% of global workforce

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Peloton has announced a major shakeup in its leadership and operations as it looks to cut costs and turn the business around.

McCarthy will be succeeded by Peloton chairperson Karen Boone and director Chris Bruzzo, who will serve as interim co-CEOs as the company searches for a permanent top executive. Board member Jay Hoag will take over as the company's new chairperson. Following the announcements, shares in the company spiked by more than 11% ahead of market open Thursday morning.

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