Barry McCarthy, the former chief financial officer of Spotify and Netflix, will become CEO and president and join Peloton's board, the report said.
The job cuts are expected to impact about 20% of Peloton's corporate positions, but they won't affect Peloton's instructor roster or content, according to the Journal.The news of Foley stepping down comes ahead of Peloton's fiscal second-quarter results, which are set to come after the market closes on Tuesday.
William Lynch, Peloton's president, is also expected to step down from his executive role but remain on the board, Foley said in an interview with the Journal. Erik Blachford, a director since 2015, is expected to leave the board, and two new directors will be added. Roughly a week ago, activist Blackwells Capital — which has a less than 5% stake in the company — sent a letter to Peloton's board urging Foley to quit his role as CEO, and asking the company to consider selling itself.
Seems simple, everyone/anyone who was going to get an exercise machine, has already got one. Can't pull blood from a stone
shameful attitude, a good CEO doesn't quit out, solves and makes it grow.
Moving the founder out paves the way for the acquisition...
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