Peloton CEO Barry McCarthy is stepping down from the beleaguered high-end fitness company after just more than two years in the role, the company announced Thursday.  His departure comes as the company is planning to cut about 15% of its global workforce, or about 400 employees, to lower costs. Karen Boone, who is the current Peloton chair, and Chris Bruzzo, a Peloton director, will serve as interim co-CEOs while the board conducts a search for McCarthy's permanent replacement.  HYATT, PELOTON TEAM UP TO OF ...

About this content About William Farrington William kickstarted his career as a researcher and reporter for a global legal publication, covering everything from public law to M&A. Before moving to Proactive Investors, he worked as a reporter for a major fintech company with a focus on cryptocurrency and blockchain technology. Harking from Queensland, Australia, William obtained first-class honours in journalism and media from Birkbeck University before going on to complete an MA in creative and critical ...

Peloton’s chief executive officer is stepping down from the role as the fitness company plans to cut roughly 15% of its global workforce.Chief Barry McCarthy told Peloton’s roughly 3,500 employees of his resignation in a note sent Thursday morning that his “one lasting legacy at Peloton” is the “GREAT lead team” he’s recruited since stepping into the top job in 2022.“Although the stock market hasn’t recognized this yet, they will. It’s simply a matter of time,” McCarthy added in reference to the nearly 45% ...

Peloton CEO Barry McCarthy is stepping down, the fitness company announced on Thursday.It also said that it was laying off 400 workers, or 15% of its total workforce.After reaching new highs during the pandemic, the company has recalled products, laid off workers, and seen sales and its stock tank. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Thanks for signing up! Access your favorite topics in a personalized f ...

Peloton, the exercise equipment maker and creator of online fitness classes, has announced that it’s laying off 15 percent of its workforce — 400 people — as CEO, president, and board director Barry McCarthy steps down after two years in the role.McCarthy was previously CFO at Spotify and Netflix, and was coerced out of retirement in early 2022 when Peloton co-founder and then-CEO John Foley stepped down as part of a major cost-cutting effort that saw 2,800 employees laid off.This is a developing story, ref ...

Peloton announced Thursday that CEO Barry McCarthy will be stepping down and the company will lay off 15% of its staff as it looks to cut costs by $200 million.McCarthy, a former Spotify and Netflix executive, will become a strategic advisor to Peloton through the end of the year while Karen Boone, the company's chairperson, and director Chris Bruzzo, will serve as interim co-CEOs. Jay Hoag, another Peloton Director, has been named the new chairperson of the bard. Peloton is seeking a permanent CEO.The comp ...

PELOTON Q3 FY2024 Shareholder Letter May 2, 2024 Dear Shareholders, Our Q3 performance reflects continued leadership in the connected fitness category and the strength of our subscription business, which continues to deliver best-in-class fitness content to over 6 million Members. We ended Q3 with 3.056 million Paid Connected Fitness Subscriptions and 1.2% Average Net Monthly Paid Connected Fitness Subscription Churn, demonstrating the loyalty of our Members and the instrumental role our connected fitness p ...

Company to Continue Investment in Hardware, Software and Content Innovation, Improvements to Member Support Experience, and Marketing Optimization to Scale the Business Expects to Reduce Annual Run-Rate Expenses by More than $200 Million by End of Fiscal 2025 Q3 Fiscal Year 2024 Earnings Call Today at 8:30 am ET NEW YORK, May 2, 2024 /PRNewswire/ -- Peloton Interactive, Inc. (NASDAQ: PTON) today announced comprehensive restructuring efforts to align the company's cost structure with the current size of its ...

The connected gym equipment maker might be a deep-value play.Peloton Interactive (PTON -2.24%) was one of the market's favorite growth stocks during the pandemic. The maker of connected exercise bikes and treadmills flourished as brick-and-mortar gyms closed down, and that growth spurt coincided with the buying frenzy in growth and meme stocks throughout 2020 and 2021.As a result, Peloton's stock hit a record high of $167.42 on Jan. 13, 2021. That equaled a 477% gain from its IPO price of $29 on Sept. 29, 2 ...

Peloton would need a serious reversal of fortunes to reach the exclusive club.In order to get better and learn new lessons, it's a good idea for investors to study history. These insights can be applied to new investment opportunities you might be looking at.Perhaps no business has presented a more informative case study than Peloton Interactive (PTON -0.98%) in recent times. The fitness industry innovator was on an impressive growth trajectory before the pandemic, a trend that was supercharged when people ...