Peloton CEO John Foley is stepping down and the company is planning to cut 2,800 jobs in reaction to falling demand for its home exercise bikes.
Barry McCarthy, a former senior executive at Netflix and Spotify, will take over Peloton’s CEO and president, according to a company announcement Tuesday morning. Foley founded and has led Peloton for the past 10 years.
The job cuts will affect 20% of Peloton’s corporate workforce, though it is not clear how many of those jobs are based in New York.
Peloton was a local pandemic success story, as the company’s home exercise bikes became a hot item when gyms closed down.
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