Peloton is replacing its CEO and co-founder John Foley and slashing 2,800 jobs in a desperate bid to cut costs and revive the struggling exercise company.
Barry McCarthy, the former chief financial officer of Spotify and Netflix, will take the helm as Peloton’s CEO starting on Wednesday.
Shares of Peloton surged 12 percent on Tuesday morning as the company issued a flurry of announcements on cost-cutting and reorganization, following an 80 percent dive in the company’s valuation over the past