Peloton cuts jobs and is looking for a new CEO after its turnaround plan spins out [CNN]
Dick's Sporting Goods Inc (DKS)
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Source: CNN
McCarthy, who was named CEO just two years ago , will become a strategic advisor through the end of the year, Peloton said in a press release. In his place, Peloton has started a “comprehensive search process” for his replacement and two executives will become interim co-CEOs in the meantime. Peloton also announced that it's eliminating 400 jobs, which will help the company cut $200 million in costs. The company said that will help it invest in “software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business.” Shares spiked more than 7% in premarket trading Thursday. The stock is down about 90% from its 2020 highs when sales of its treadmills and bikes soared because of gyms being closed. McCarthy, a former chief financial officer of Spotify and Netflix, tried to engineer a number of ideas to turn around Peloton. He recently admitted that some of his ideas were failures, such as selling Pelot
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