Ahead of today’s Peloton earnings report, John Foley announced that he is stepping down as CEO. The longtime chief executive will remain on as executive chair, with former Spotify CFO Barry McCarthy stepping into his old role.
“Barry is an incredible leader who has held senior executive roles at Spotify and Netflix and is a longtime advisor and board member at public and private technology companies,” Foley said in an open letter. “This appointment is the culmination of a months-long succession plan that I’ve been working on with our Board of Directors, and we are thrilled to have found in Barry the perfect leader for the next chapter of Peloton. I look forward to working with him and invite you to welcome him with open arms.”
The firm is also cutting 2,800 jobs globally, around 20% of its corporate workforce. Cuts will come “at every level of the organization.” Such moves arrive at the tail …
