02/08/2022

Peloton Co-founder Steps Down

The exercise company cuts 3,000 jobs

John Foley, the co-founder of Peloton, is stepping down as chief executive after an extended streak of tumult at the exercise and treadmill company which will also cut almost 3,000 jobs.

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 as CEO, the company said Tuesday. Shares surged more than 16 percent in morning trading on Tuesday.

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