Peloton CEO steps down, company to cut 2,800 jobs globally

FILE - John Foley, co-founder and chief executive officer of Peloton Interactive Inc., stands for a photograph during the company's initial public offering in front of the Nasdaq MarketSite in New York, U.S., on Sept. 26, 2019. Photographer: MiPeloton’s co-founder and CEO John Foley is stepping down and the exercise company is set to cut thousands of jobs globally, including 20% of its corporate workforce, following an extended streak of tumult.

Barry McCarthy, who served as CFO at Spotify as well as at Netflix, will take over the CEO position. McCarthy will also have a seat on the board.Peloton’s shares have been on a roller-coast ride since the pandemic began in 2020, surging more than 400% that year as COVID-19 forced many to shift their workout habits from the gym to the home.

The company had been the subject in media reports this week of a potential takeover target by either Amazon and Nike. The developments Tuesday deflated hopes for such a deep-pocketed buyer and shares of Peloton slumped 7% before the opening bell.

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Peloton CEO Will Reportedly Step Down As Company Prepares To Overhaul Board And Cut CostsJohn Foley will reportedly step down as Peloton CEO and be replaced by former Spotify and Netflix CFO Barry McCarthy. 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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