Peloton CEO Resigns, 400 Employees to Be Let Go
Peloton announced leadership changes with more layoffs due to declining sales. CEO Barry McCarthy is stepping down, and Karen Boone and Chris Bruzzo will take over as co-CEOs. This move aims to address the company’s challenges in the fitness industry. Your summary effectively conveys the key points about Peloton’s leadership changes and the transition to co-CEOs. It highlights the reasons behind the layoffs and the strategic shift to tackle industry challenges.
Peloton is shaking up its leadership team again as the company has announced another round of layoffs as sales continue to slump.
The fitness company said CEO Barry McCarthy will be stepping down from his position and is being replaced by Karen Boone and Chris Bruzzo as co-CEOs. Boone, Peloton’s chairwoman, and Bruzzo, a director at the company, will serve as interim CEOs while the company seeks a permanent one.
Peloton is also seeking to downsize its employment by approximately 15%, which is expected to affect roughly 400 employees.
McCarthy’s departure comes around two years after he took on the position of CEO in February 2022, when he announced mass layoffs to help restructure the company. The last round of Peloton’s layoffs took place in October 2022, when 500 employees were let go and McCarthy stated a month later that no further layoffs would occur.
Through this latest restructuring, Peloton is seeking to reduce its annual run-rate expenses by over $200 million by the end of its fiscal 2025.
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Peloton’s latest round of layoffs comes as many other companies have made mass firings of their employees, with several technology companies like Google, Discord, and Amazon announcing their mass layoffs at the start of this year.
The Washington Examiner has contacted Peloton for comment.
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