Peloton saw growth slow with the end of widespread Covid-19 lockdowns
NEW YORK – Slumping home-exercise company Peloton announced Tuesday a leadership shift and layoff plan as it scales back expansion plans due to weakening demand in the shifting pandemic.
Founder John Foley will step down as chief executive but remain as executive chairman. Under a cost-cutting plan, the company will eliminate 2,800 jobs in an acknowledgement that it expanded too quickly.
“This has been a humbling time for Peloton, but we remain confident in the fundamentals of our business, the strength of our platform, and the significant growth potential for Connected Fitness and our leadership position within it,” Foley said.
Foley will be replaced by Barry McCarthy, former chief financial officer at Spotify and Netflix.
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