Peloton CEO Steps Off the Bike

The times are a-changin’ over at Peloton, where the only CEO that has ever led the company is stepping down, and roughly 2,800 jobs—about 20% of its corporate workforce—are being cut. Chief executive John Foley will become executive chairman as tech executive Barry McCarthy, previously the CFO of Spotify (and before that, of Netflix), takes his chair. The changes, first reported by the Wall Street Journal on Tuesday, come as the at-home fitness equipment company has plummeted in value, with shares down more than 80 percent from their high in January 2021. Internal documents reported by CNBC last month revealed… Read Full Article