Peloton CEO John Foley will step down as CEO, move to the executive chair role and be replaced by Barry McCarthy. The embattled connected-fitness cycling giant additionally cut revenue guidance to as much as $3.8 billion, down from $4.8 billion, amid a major restructuring and revealed plans to cut 2,800 jobs, or about 20 percent, of its corporate workforce.
The developments come after reports surfaced that as many as five companies were eyeing a potential takeover, including Amazon, Nike, Apple, Disney, and Sony. Peloton stock has lost over 80 percent of its value in the past 12-months as it has seen a steady slowdown in growth following a surge as an at-home fitness trend took off early in the pandemic.
To read more in-depth coverage on this story, please access the SGB Executive article here.
