NEW: Peloton CEO John Foley reportedly plans to step down and become executive chair after a decline in demand and a production halt led to a steep sell-off of the company's shares.
Peloton CEO John Foley plans to step down and become executive chair after a decline in demand and a production halt led to a steep sell-off of the company's shares, the Wall Street JournalThe exercise bike maker also plans to cut about 2,800 jobs, which represents about 20% of its corporate workforce, according to the Journal.
Foley, a former Barnes & Noble executive who co-founded Peloton over 10 years ago, will be replaced as CEO by former Spotify and Netflix CFO Barry McCarthy.in production levels before rebounding in recent days over reports that Amazon and others may be interested in purchasing the company. Last month, a hedge fund with less than a 5% stake in Peloton called for Foley to be fired and for the connected fitness company to consider seeking a strategic buyer, Axios' Dan PrimackFoley and other company insiders control more than 80% of Peloton's voting shares, per the Journal, meaning he would likely have veto power over any deal."We are open to exploring any opportunity that could create value for Peloton shareholders," Foley told the paper.
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