US EditionPeloton CEO Barry McCarthy to step down, company to lay off 15% of staff
- Peloton CEO Barry McCarthy is leaving, and the company is cutting 400 jobs, aiming to save $200 million. Shares rose 11% before the market opened.
- Barry McCarthy will be a strategic advisor, while Karen Boone and Chris Bruzzo will serve as interim co-CEOs. A permanent CEO is being sought.
- Peloton's restructuring plan includes reducing global headcount by 15% to improve cash flow and invest in innovation, support, and marketing.
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44 Articles
Peloton CEO Barry McCarthy Resigns As Company Decides To Downsize By 15%: 'No Other Way To Bring Its Spending In Line With Its Revenue' - Peloton Interactive (NASDAQ:PTON)
Barry McCarthy, CEO of Peloton Interactive, Inc (NASDAQ:PTON), has stepped down from his position. The company also announced a 15% cut in its global workforce, attributing the decision to a slump in demand for its fitness products in the post-pandemic era. What Happened: McCarthy’s resignation on Thursday comes at a time when the New York-based fitness company is grappling with significant challenges, Reuters reported. The company also plans to…
Peloton continues to ride to reach the goal of profitability. The stationary bike company that triumphed in the pandemic came face to face with reality when the lockdown ended and people returned to pedaling or running outdoors. The company's sales plummeted and it found itself with a cost structure that was not sustained. After the first adjustments, the accounts still don't log out. The company announced this Thursday the dismissal of 400 empl…
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