Former Spotify CFO Barry McCarthy is replacing Peloton co-founder John Foley as chief executive officer.
Peloton is looking to experienced tech executive Barry McCarthy to lead the company back into investors’ good graces and stabilize its business after a few roller coaster years. McCarthy, who previously served as CFO of Spotify, is replacing Peloton co-founder John Foley as chief executive of the fitness company, while Foley becomes executive chairman. The company also cut its revenue forecast, announced plans to slash 2,800 jobs and overhauled its board in a flurry of news on Tuesday morning. « Barry is a proven leader, well known for his financial acumen and record of driving transformative change at iconic companies including Netflix and Spotify, » Karen Boone, lead independent director of Peloton’s board and former RH CFO, said in a statement.
