Peloton is replacing its CEO and cutting 2,800 jobs
CNN
Peloton is replacing embattled CEO John Foley and cutting about 20% of its corporate workforce to help reinvigorate the flailing fitness company.
Barry McCarthy, the former chief financial officer of Spotify and Netflix, will become its CEO and president of Peloton's board, effective Tuesday. 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. The Wall Street Journal first reported the news.
Peloton also announced it will lay off about 2,800 employees in corporate positions, a move that Foley hinted at a few weeks ago. The company is also reducing the number of it warehouses it owns and operates and expanding delivery agreements with third-party providers, that will help it save the company $800 million in annual costs.
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