Peloton co-founder and CEO John Foley is stepping down and the company is cutting 2,800 jobs worldwide, including 20% of its corporate workforce.
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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