Peloton Is Replacing Its CEO and Cutting 2,800 Jobs
- 2 years ago
Peloton Is Replacing Its CEO , and Cutting 2,800 Jobs.
CNN reports John Foley is out as Peloton's CEO.
Effective Feb. 9, Barry McCarthy, the former CFO of Spotify and Netflix, will take his place.
'The Wall Street Journal' reports McCarthy called his appointment the "culmination of a months-long succession plan" that had been devised with the board.
'The Wall Street Journal' reports McCarthy called his appointment the "culmination of a months-long succession plan" that had been devised with the board.
The company also announced
2,800 employees, including 20% of those
in corporate positions, will be laid off.
Additionally, Peloton will cut down on the number of warehouses it maintains and expand delivery agreements with third-party companies to help save $800 million per year.
Additionally, Peloton will cut down on the number of warehouses it maintains and expand delivery agreements with third-party companies to help save $800 million per year.
This restructuring program is the result of diligent planning to address key areas of the business and realign our operations so that we can execute against our growth opportunity with efficiency and discipline, Peloton, via press release.
Layoffs begin on Feb. 8, but content and on-camera instructors "will not be impacted.".
Two new directors, Angel Mendez and Jonathan Mildenhall, will also be joining the board of directors as Erik Blachford departs
CNN reports John Foley is out as Peloton's CEO.
Effective Feb. 9, Barry McCarthy, the former CFO of Spotify and Netflix, will take his place.
'The Wall Street Journal' reports McCarthy called his appointment the "culmination of a months-long succession plan" that had been devised with the board.
'The Wall Street Journal' reports McCarthy called his appointment the "culmination of a months-long succession plan" that had been devised with the board.
The company also announced
2,800 employees, including 20% of those
in corporate positions, will be laid off.
Additionally, Peloton will cut down on the number of warehouses it maintains and expand delivery agreements with third-party companies to help save $800 million per year.
Additionally, Peloton will cut down on the number of warehouses it maintains and expand delivery agreements with third-party companies to help save $800 million per year.
This restructuring program is the result of diligent planning to address key areas of the business and realign our operations so that we can execute against our growth opportunity with efficiency and discipline, Peloton, via press release.
Layoffs begin on Feb. 8, but content and on-camera instructors "will not be impacted.".
Two new directors, Angel Mendez and Jonathan Mildenhall, will also be joining the board of directors as Erik Blachford departs