Peloton CEO Will Reportedly Step Down As Company Prepares To Overhaul Board And Cut Costs

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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Peloton CEO John Foley to Step Down, Transition to Executive Chair as Company Cuts 2,800 Jobs, Says ReportThe 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. Moving the founder out paves the way for the acquisition... shameful attitude, a good CEO doesn't quit out, solves and makes it grow. Seems simple, everyone/anyone who was going to get an exercise machine, has already got one. Can't pull blood from a stone
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