Peloton chief executive steps down as company cuts 2,800 jobs

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Peloton is replacing its chief executive, cutting jobs and reining in ambitious expansion plans after badly misjudging the staying power of the exercise-at-home trend.

Peloton is replacing its chief executive, cutting jobs and reining in ambitious expansion plans after badly misjudging the staying power of the exercise-at-home trend that propelled its sales early in the COVID-19 pandemic.

But nearly all of those gains were wiped out last year as the distribution of vaccines sent many people out of their homes and back into gyms.

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On ya bike!

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