{"id":125190,"date":"2022-02-08T14:19:51","date_gmt":"2022-02-08T14:19:51","guid":{"rendered":"https:\/\/fin2me.com\/?p=125190"},"modified":"2022-02-08T14:19:51","modified_gmt":"2022-02-08T14:19:51","slug":"peloton-to-replace-chief-executive-and-cut-2800-jobs-amid-sales-slump","status":"publish","type":"post","link":"https:\/\/fin2me.com\/business\/peloton-to-replace-chief-executive-and-cut-2800-jobs-amid-sales-slump\/","title":{"rendered":"Peloton to replace chief executive and cut 2,800 jobs amid sales slump"},"content":{"rendered":"<ul>\n<li>Barry McCarthy to replace co-founder John Foley in top role<\/li>\n<li>Company\u2019s sales dropped after early days of pandemic<\/li>\n<\/ul>\n<p>Last modified on Tue 8 Feb 2022 09.07 EST<\/p>\n<p>Peloton, the troubled exercise equipment company, is replacing its chief executive and planning to axe 2,800 jobs as it deals with a post-pandemic sales crash.<\/p>\n<p>Co-founder John Foley, who has led the company for its entire 10-year existence, will step down as chief executive and become executive chair, the company told the Wall Street Journal, while the company will cut about 20% of corporate positions.<\/p>\n<\/p>\n<p>The move comes weeks after activist investor Blackwell Capital called for Peloton to fire Foley and explore a sale of the company. Amazon and Nike have reportedly expressed interest.<\/p>\n<p>Barry McCarthy, former chief financial officer of Spotify and Netflix, will become chief executive and president and join Peloton\u2019s board, according to the Journal.<\/p>\n<p>Peloton became one of the highest-profile successes of the pandemic as people canceled gym memberships and bought its exercise bikes and treadmills to work out from home.<\/p>\n<p>Investors snapped up shares and the company was valued at $50bn in January 2021. But as the pandemic waned, sales slipped and a series of incidents left the company\u2019s shareholders feeling jittery.<\/p>\n<p>Last May, Peloton recalled its two treadmills after death of a child and dozens of other injuries.<\/p>\n<p>In November, the company reported sales in 2022 will be up to $1bn lower than expected. In December, Peloton\u2019s shares collapsed again following the on-screen death of the Sex and the City character Mr Big while riding a Peloton in the series reboot, And Just Like That.<\/p>\n<p>Peloton is currently valued at about $9bn, having risen in value on speculation of a takeover.<\/p>\n<p>Source: <a href=\"https:\/\/www.theguardian.com\/business\/2022\/feb\/08\/peloton-chief-excecutive-jobs-cuts-sales-slump\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Barry McCarthy to replace co-founder John Foley in top role Company\u2019s sales dropped after early days of pandemic Last modified on Tue 8 Feb 2022 [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Peloton to replace chief executive and cut 2,800 jobs amid sales slump - 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