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Peloton CEO McCarthy Stepping Down; Firm Cutting 15% of Jobs [Yahoo! Finance]
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plans to shed about 15% of its global workforce in an effort to revive sputtering growth. Most Read from Bloomberg US and Saudis Near Defense Pact Meant to Reshape Middle East Biden Calls Ally Japan ‘Xenophobic' Along With China, Russia Tesla Axes Supercharger Team in Blow to Broader EV Market Saudi Arabia Steps Up Arrests Of Those Attacking Israel Online NYPD Arrests Over 300 Protesters in Crackdown on College Campuses The board will conduct a search to name a replacement, the fitness company said in a statement Thursday. Board chair Karen Boone and director Chris Bruzzo will serve as interim co-CEOs. Peloton shares were up about 9% in early trading. McCarthy — a veteran of Spotify Technology SA and Netflix Inc. — has spent the past two years overhauling the company. That's included layoffs, management shake-ups and the outsourcing of business functions. He's also forged new partnerships, including one this week with Hyatt Hotels Corp. that will bring Peloton bikes
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