Peloton is reportedly replacing embattled CEO John Foley and cutting about 20% of its corporate workforce to help reinvigorate the flailing fitness company
Barry McCarthy, the former chief financial officer of Spotify and Netflix, will become its CEO and president of Peloton's board, effective Tuesday. Foley will become the company's executive chair, and wrote in a public note that the appointment is the"culmination of a months-long succession plan" he's been working on with the board. The Wall Street Journal first reported the news.
Amazon and Nike are exploring bids for Peloton, report saysThese changes indicate that Peloton wants to remain independent, rather than selling itself to a suitor — at least for now. Shares had gained 20% Monday following reports that Amazon and Nike were exploring bids for the company and Wall Street chatter that Apple may be a potential suitor as well. Peloton's shares have plunged more than 80% from their high in January 2021.
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