Peloton CEO Barry McCarthy steps down, fitness equipment maker to cut 15% jobs
Barry McCarthy resigns as Peloton CEO, leading to 15% job cuts. Karen Boone and Chris Bruzzo step in as interim co-CEOs. Jay Hoag appointed board chair amid CEO search process.
By Reuters | Updated:
ETtech
Peloton CEO Barry McCarthy has stepped down, the company said on Thursday as it decided to cut 15% of its workforce to tackle a post-pandemic slump in demand for its connected fitness equipment.
Shares of the beleaguered New York-based company rose 8% before the bell as it also plans to cut back its retail presence owing to weak demand that has forced Peloton to push back its goal of returning to positive cash flow.
Peloton chairperson Karen Boone and director Chris Bruzzo will serve as interim co-CEOs. In addition, the company named director Jay Hoag as the chairperson of the board.
Meanwhile, the company's board has started a search process to identify the next CEO.
Shares of the beleaguered New York-based company rose 8% before the bell as it also plans to cut back its retail presence owing to weak demand that has forced Peloton to push back its goal of returning to positive cash flow.
Peloton chairperson Karen Boone and director Chris Bruzzo will serve as interim co-CEOs. In addition, the company named director Jay Hoag as the chairperson of the board.
Meanwhile, the company's board has started a search process to identify the next CEO.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
