Meet Peloton's new CEO, an ex-Spotify exec taking the helm amidst major cuts and investor pressure
Barry McCarthy, Peloton's hope for a turnaround, is a seasoned tech leader with decades of financial management under his belt.
"Together we can make a complete grown-up and build a really remarkable business," McCarthy told the WSJ. and Spotify, plus a short stint at failed startup Crinkle, where he oversaw layoffs to a quarter of the staff. McCarthy's various CFO and board roles afford him deep relationships with institutional investors, some of whom he'll now need on board as Peloton navigates a precipitous stock decline. Shares were down 18% this year as of Monday's close.
when McCarthy retired in January 2020. McCarthy then rejoined the company's board upon his retirement, where he's still a director. From DVDs to streaming service launch at Netflix "You should be confident that I'm leaving the business in good shape," McCarthy said at a conference before his exit."There is nothing that I know that you don't know that would cause you to be sleepless about your position in the stock."McCarthy left Netflix because he wanted to be either a CEO or chief operating officer. He took the latter role at payments startup Clinkle in October 2013, but only lasted six months.
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