Peloton CEO Barry McCarthy steps down as the company plans a 15% global workforce reduction and aims to cut costs by $200M.
Peloton CEO Barry McCarthy is stepping down as the company plans a 15% global workforce reduction (400 jobs) to cut costs by $200M this year. Peloton reported disappointing Q2 earnings with a 4% revenue decrease from the previous year. Since December 2020, the company has not turned a profit and is looking to refinance over $1B in debt. The company faced increased competition from other fitness brands once gyms reopened.
May 02, 2024
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