Peloton’s chief executive officer is stepping down from the role as the fitness company plans to cut roughly 15% of its global workforce.
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% drop in share price Peloton has experienced so far this year.
“Hard as the decision has been to make additional headcount cuts, Peloton simply had no other way to bring its spending in line with its revenue,” McCarthy added of the forthcoming layoffs, which will affect roughly 400 roles.
McCarthy — who struck deals with the likes of Lululemon, Amazon and Dick’s Sporting Goods during his tenure — said the cuts are the only way to generate positive free cash flow.
