Peloton chief executive Barry McCarthy is to step down from his role as the exercise bike maker launches a new restructuring plan that will cut 15 per cent of its workforce. The former Netflix and Spotify executive had succeeded former CEO and founder John Foley in 2022 in an effort to turn the connected fitness company around,
Peloton CEO Barry McCarthy is stepping down from the beleaguered high-end fitness company after just over two years in the role, the company announced Thursday.
Karen Boone, the chair of Peloton's board, and Chris Bruzzo, a company director, will serve as interim co-CEOs. Peloton said that its board had already started the search for its
As a result, Peloton laid off a bunch of people, and its CEO quit. To be fair, Peloton isn't the only company that had this problem. Netflix had it as it reached the point where everyone who was going to sign up for an account had done so during the pandemic,
Bloomberg's Mark Gurman joins Caroline Hyde and Ed Ludlow to discuss Peloton shares falling to a record low after its CEO announced plans to step down as the company embarked on a major restructuring.
Peloton CEO Barry McCarthy, who was tasked in early 2022 to stem the fitness equipment maker's slide in sales from the pandemic highs, has quit as the company announced job cuts to reduce costs after posting weak results.
Peloton's CEO Barry McCarthy is out after two years as the stock hit a record low. The fitness brand has grappled with mass layoffs, product recalls, and falling demand.
Peloton is cutting about 400 jobs worldwide as part of a restructuring effort and its CEO Barry McCarthy is stepping down after two years as the company continues to work on turning around its business.
Barry McCarthy took over as C.E.O. in February 2022 to revive Peloton from its late-pandemic slump, but the company has struggled to become profitable.
Peloton is cutting about 400 jobs worldwide as part of a restructuring effort and its CEO Barry McCarthy is stepping down after two years as the company continues to work on turning around its business.
Key Takeaways Peloton announced new cost-cutting measures, including layoffs, and that CEO Barry McCarthy was stepping down.The exercise company that has struggled with a slump in demand following a boom during pandemic lockdowns said it will slash its workforce by about 15% and reduce its showroom presence.
Current Peloton Chairperson Karen Boone and board director Chris Bruzzo will serve as interim co-CEOs until the company completes its search for McCarthy’s replacement. Peloton
Peloton, the exercise equipment maker and online fitness course provider, said it is laying off 15% of its workforce (about 400 people) as part of cost-cutting measures. The company also said its CEO,
Fitness equipment manufacturer Peloton has announced a significant workforce reduction, with 400 employees—15% of its staff—being laid off. In a major leadership shakeup, CEO Barry McCarthy is steppin
However, what goes up must come down, and Peloton’s market cap shrank to $10 billion by 2022 and now it rests at around $1 billion. The company’s pandemic-era success story has officially ended, and now it's focused on cutting costs.
Peloton's woes continue to mount, resulting in another CEO shakeup, additional layoffs, alongside more and more reports of issues with Peloton equipment.
The head of Chattanooga-based fitness equipment maker Echelon said he's willing to take over the open chief executive's job at rival Peloton, adding the bigger company's drumbeat of negative news is hurting the industry.
Peloton is shaking up its leadership team again as the company has announced another round of layoffs as sales continue to slump. The fitness company said CEO Barry McCarthy will
Barry McCarthy steps down as CEO, president, and board director of Peloton. Q1 nonfarm productivity crept up 0.3% Q/Q; Initial jobless claims steady 208k for the week.
Peloton Interactive Inc. said CEO Barry McCarthy will step down and the company will lay off 400 people — about 15% of its workforce — in an effort to save $200 million by the end of fiscal 2025. The New York City-based interactive fitness platform (Nasdaq: PTON) said that Karen Boone,
Peloton replaced its co-founder John Foley in the CEO seat with Barry McCarthy, formerly of Netflix and Spotify. That shakeup included laying off 2,800 employees, or about a fifth of them, followed by other rounds of job cuts.
Peloton CEO Barry McCarthy is leaving his role, and the company is cutting about 15% of its workforce as numerous attempts to regain its pandemic-era glory have failed.
Peloton CEO Barry McCarthy is stepping down, the company said on Thursday, as it announced a 15 per cent cut to its global workforce due to a post-pandemic slump in demand for its connected fitness equipment.
Peloton Interactive said Chief Executive Barry McCarthy is stepping down as the company undergoes a major restructuring that will reduce its global workforce by 15% in an effort to slash costs. The board will conduct a search to name a replacement,