Peloton CEO to step down, company will cut 15% of global workforce [FOX Business Network]
Dick's Sporting Goods Inc (DKS)
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Source: FOX Business Network
Peloton CEO Barry McCarthy is stepping down from the beleaguered high-end fitness company after just more than two years in the role, the company announced Thursday. His departure comes as the company is planning to cut about 15% of its global workforce, or about 400 employees, to lower costs. Karen Boone, who is the current Peloton chair, and Chris Bruzzo, a Peloton director, will serve as interim co-CEOs while the board conducts a search for McCarthy's permanent replacement. McCarthy, who took the reins from former CEO John Foley in February 2022 , will become a strategic adviser to Peloton through the end of the year. Bruzzo commended McCarthy for his contributions during "an incredibly challenging time for the business." He credited McCarthy for helping the company achieve positive free cash flow and getting it "on solid footing." Following a surge in business during the pandemic, the company faced mounting losses when social distancing restrictions eased and people wen
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