Peloton announces new round of layoffs as CEO quits

Peloton’s CEO Barry McCarthy is stepping down after announcing yet another round of layoffs, this time affecting about 15 percent of its remaining workforce, or roughly 400 global team members. It’s the fifth round of layoffs to hit the pandemic darling and comes a year after McCarthy said on its Q1 2023 earnings call that the company was done with layoffs and that the “ship was turning.

The layoffs are part of a 12-month restructuring program meant to reduce annual expenses by more than $200 million. Board members Karen Boone and Chris Bruzzo will take on the role of interim co-CEOs. Back in 2022, Peloton shed 500 jobs in October, 800 in August, 500 in July, and around 2,800 employees in February. The company’s workforce now sits at just over 3,000 employees globally after today’s cuts. That’s a big drop from Peloton’s peak of 8,600 employees in 2021.

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