Peloton has announced that its CEO and co-founder John Foley is stepping down, he will be replaced by Barry McCarthy who is a former CFO of Spotify and Netflix.
Foley will move to the role of executive chair at Peleton, the company also announced that it reducing its workforce by around 2,800.
The company had come under pressure from activist investors over the last few weeks to replace Foley and the board. The company has said that its instructors and content will not be impacted by the restructuring.
“Peloton is at an important juncture, and we are taking decisive steps. Our focus is on building on the already amazing Peloton Member experience, while optimizing our organization to deliver profitable growth,” said John Foley, Co-Founder of Peloton and newly appointed Executive Chair. “With today’s announcements, we are taking action to ensure Peloton capitalizes on the large, long-term Connected Fitness opportunity. This restructuring program is the result of diligent planning to address key areas of the business and realign our operations so that we can execute against our growth opportunity with efficiency and discipline.”
You can find out more details about Peleton’s plans for going forward over at the company’s website at the link below.
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