John Foley will reportedly step down as Peloton CEO and be replaced by former Spotify and Netflix CFO Barry McCarthy.
Peloton co-founder and CEO John Foley will step down from his role as a part of a larger overhaul of the company which also includes changes to its board and cost cuts, theon Tuesday, a move that comes just a day after the fitness company’s battered stock price surged 20% amid reports of a potential sale.According to the, Foley will step down from his role and become the executive chair, while former Spotify and Netflix CFO Barry McCarthy will take over as Peloton’s new chief executive.
In an effort to slash costs, the company will also reportedly cut around 2,800 jobs, including 20% of its corporate positions.report notes that the hiring of a new CEO likely indicates that Peloton is not exploring a sale—despite of interest from buyers like Amazon, Nike and Apple—at its current stock price which has slumped nearly 80% in the past year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Report: Peloton CEO John Foley stepping down to become executive chairNEW: Peloton CEO John Foley reportedly plans to step down and become executive chair after a decline in demand and a production halt led to a steep sell-off of the company's shares.
Read more »
Peloton is replacing its CEO and cutting around 2,800 jobs | EngadgetPeloton is trying stem to its financial struggles by replacing its CEO, overhauling the board and laying off around 20 percent of its corporate workforce.
Read more »
Peloton CEO John Foley to Step Down, Transition to Executive Chair as Company Cuts 2,800 Jobs, Says ReportThe news of CEO John Foley stepping down comes ahead of Peloton’s fiscal second-quarter results, which are set to come after the market closes on Tuesday.
Read more »
Delta CEO Asks Merrick Garland To Create A Federal No-Fly ListBanned by one airline, banned by all? That may soon be a new national policy.
Read more »
Spotify's CEO apologizes to employees over Joe Rogan controversyCEO Daniel Ek sent a memo to employees on Sunday, apologizing for the drama they had to endure over the controversial podcast host.
Read more »
Neil Young urges Spotify workers to quit, slams CEO Daniel EkNeil Young urges Spotify workers to quit their jobs before the company 'eats up your soul' as CEO Daniel Ek 'is your big problem — not Joe Rogan'
Read more »