Peloton CEO Barry McCarthy to step down, company to lay off 15% of staff as it looks to refinance debt [MSNBC.com]
JP Morgan Chase & Co. (JPM)
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Source: MSNBC.com
PelotonMcCarthy, a formerSpotifyNetflixThe company also announced a broad restructuring plan that will see its global headcount cut by 15%, or about 400 employees. It plans to continue to close retail showrooms and make changes to its international sales plan.The moves are designed to realign Peloton's cost structure with the current size of its business, it said in a news release. It's expected to reduce annual run-rate expenses by more than $200 million by the end of fiscal 2025."This restructuring will position Peloton for sustained, positive free cash flow, while enabling the company to continue to invest in software, hardware and content innovation, improvements to its member support experience, and optimizations to marketing efforts to scale the business," the company said.Shares were up about 9% in premarket trading.took the helmAs soon as he took over, he began implementing mass layoffs to right size Peloton's cost structure, closing the company's splashy showrooms and enactin
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