Peloton is replacing its CEO and cutting around 2,800 jobs | Engadget

Peloton is replacing its CEO and cutting around 2,800 jobs

CEO and co-founder John Foley is stepping down as CEO to become executive chairman and will be replaced by former Spotify COO Barry McCarthy, the company told the.

McCarthy will reportedly bring his understanding of content-driven subscription models to Peloton."I have always thought there has to be a better CEO for Peloton than me," said Foley said."Barry is more perfectly suited than anybody I could’ve imagined." On top of that, the company is cutting around 2,800 corporate positions.

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