In the wake of an extended string of turmoil at the exercise and treadmill company, Peloton’s co-founder is stepping down as CEO.
John Foley’s successor, Barry McCarthy, served as CFO at Spotify and Netflix before taking over the CEO role.
Peloton will be led by Foley as its executive chairperson. The current president of the company William Lynch will step down and become a non-executive director of the company.
Further, the company announced that it would eliminate 2,800 jobs worldwide, including 20% of the jobs at its corporate offices.