Peloton replacing embattled CEO with former Spotify, Netflix CFO amid 2,800 company layoffs

Barry McCarthy, the former chief financial officer of Spotify and Netflix, will become its CEO and president, effective Wednesday. Foley will become the company's executive chair, and wrote in a public note that the appointment is the"culmination of a months-long succession plan" he's been working on with the board. TPeloton also announced it will lay off about 2,800 employees, including about 20% of its corporate positions. That was a move that Foley hinted at a few weeks ago.

"I love Peloton," Foley said on the earnings call, but he admitted the company made"missteps," including scaling its operations"too rapidly" and over investing in some areas of the business."We own this. I own this and we're holding ourselves accountable," he said. Peloton's shares have plunged more than 80% from their high in January 2021. They've come under renewed pressure in recent weeks following a report that the company had stopped manufacturing new bikes and treadmills.

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