Peloton, a connected bike and treadmill manufacturer, has appointed Barry McCarthy as its new CEO and the president of Peloton’s board. John Foley, the co-founder and former CEO of Peloton will be taking up the role of executive chairman.
Having worked in the capacity of CFO at Spotify and Netflix, Barry McCarthy brings his experience and industry knowledge of content-driven subscription models to direct Peloton’s future business operations.
The company also revealed its plans to cut approximately 2,800 jobs (20% of corporate positions), amid Peloton’s lowered demand and increasing losses.
Analyst QuickTake: Thanks to the slumping share prices, Peloton is also rumored to have attracted potential buyers including Amazon and Nike over the past few weeks. But the naming of a new CEO might now mean an independent future for the company, even though today Foley went on to mention that it is open to explore such opportunities. Still Foley and several other members hold nearly 80% of voting rights, and hence their support would be required for such a deal to go through.
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