Peloton CEO John Foley to Step Down, Transition to Executive Chair as Company Cuts 2,800 Jobs, Says Report

  • 📰 nbcchicago
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 51%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

The news of CEO John Foley stepping down comes ahead of Peloton’s fiscal second-quarter results, which are set to come after the market closes on Tuesday.

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.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

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...

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 545. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Spotify CEO says company won’t cancel Joe Rogan after N-word controversySpotify CEO Daniel Ek told staffers the company will not be “canceling” Joe Rogan after a clip of the podcaster using the N-word went viral. I guess we will find out if cancel culture is becoming irrelevant, kinda like how the Covid virus is petering out. That’s okay. People have spoken. They are cancelling Spotify.
Source: PageSix - 🏆 320. / 59 Read more »