Peloton co-founder and CEO John Foley will step down from his role as a part of a larger overhaul of the company which also includes changes to its board and cost cuts, theon Tuesday, a move that comes just a day after the fitness company’s battered stock price surged 20% amid reports of a potential sale.According to the, Foley will step down from his role and become the executive chair, while former Spotify and Netflix CFO Barry McCarthy will take over as Peloton’s new chief executive.
In an effort to slash costs, the company will also reportedly cut around 2,800 jobs, including 20% of its corporate positions.report notes that the hiring of a new CEO likely indicates that Peloton is not exploring a sale—despite of interest from buyers like Amazon, Nike and Apple—at its current stock price which has slumped nearly 80% in the past year.
Who would have thought there was a ceiling on people buying exercise bikes. Someone buy this company already
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