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Peloton co-founder steps down as CEO, will be replaced by former Spotify, Netflix exec

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Peloton also announced Tuesday that it was cutting 2,800 jobs, including approximately 20% of corporate jobs at the New York City company.

FILE - Peloton CEO John Foley celebrates at the Nasdaq MarketSite before the opening bell and his company's IPO, Sept. 26, 2019 in New York. The co-founder of Peloton is stepping down as chief executive after an extended streak of tumult at the exercise and treadmill company, which is also cutting almost 3,000 jobs.

The company’s shares have been on a roller-coaster ride since the pandemic began. They surged more than 400% in 2020 as COVID-19 forced lockdowns and shifted the workout trend from the gym to the home.

 

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