FILE - John Foley, co-founder and chief executive officer of Peloton Interactive Inc., stands for a photograph during the company's initial public offering (IPO) in front of the Nasdaq MarketSite in New York, U.S., on Sept.
26, 2019. Photographer: Mi NEW YORK - Peloton’s co-founder and CEO John Foley is stepping down and the exercise company is set to cut thousands of jobs globally, including 20% of its corporate workforce, following an extended streak of tumult.John Foley first pitched the idea of an interactive exercise bike in 2011, hoping to disrupt the industry.
He will give up the CEO position and become executive chair at Peloton Interactive Inc.Barry McCarthy, who served as CFO at Spotify as well as at Netflix, will take over the CEO position.
McCarthy will also have a seat on the board.The Wall Street Journal first reported the news.Peloton’s shares have been on a roller-coast ride since the pandemic began in 2020, surging more than 400% that year as COVID-19 forced many to shift their workout habits from the gym to the home.In 2021, the shares gave back nearly all of those gains as businesses reopened and people started heading back to gyms.