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Peloton chief executive Barry McCarthy is stepping down from his role as the exercise-bike maker launches a 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 but he faced pressure from activists over corporate governance.
Peloton’s market capitalisation has fallen from a late-2020 peak of almost $50bn to about $1.2bn, as the stay-at-home exercise trends that made the company a darling during the coronavirus pandemic have reversed course.
Group chair Karen Boone and company director Chris Bruzzo will be interim co-chief executives until the company has found a permanent replacement for McCarthy, who will become a strategic adviser to Peloton until the end of the year.
Peloton also announced it would cut about 400 jobs and continue reducing its retail showroom footprint.
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